There are 12 blog entries for April 2007.
Sunday, April 29th, 2007 at 10:13pm. 212 Views, 0 Comments.
When this house came (back) on the market in early March, it began at $1.999m. Within days, it was re-priced at $2.099m.
MBC mocked 2507 Valley and another listing at 2305 Pine for their post-listing price increases.
Since the tactic didn't work, this week, 2507 Valley got a fresh new MLS number and a price reduction. Achem.
These sellers really have a problem with pricing. In early 2006, they began at $2.249m. No takers. At $2.1m and $2.0m, no takers.
Here are the tactics that haven't worked to sell this property:
- Holding out for your price
- Reducing the price a bit
- Increasing the price
- Going on and off the market repeatedly over 14 months
- Waiting for the "right" buyer
Sunday, April 29th, 2007 at 9:21pm. 442 Views, 0 Comments.
A frequently sold home at 3009 Highland is for sale now at $1.369m. The sellers bought it for $1.225m at the peak in July 2005.
Here is a case of fairly realistic sellers. They don't expect a pot of gold for the trouble of living in the house for < 2 yrs. They're just ready to move on. They have room to offer price reductions without selling for less than they paid.
The home turned over a bit during the boom years, and previous owners did carry away gold. 3009 Highland sold for $510k in Oct. 1999, then for $789k in July 2003. Precisely 2 years later (July 1 '03-July 1 '05), it went for $1.225m to the current owners. (That was $400k in tax-free profit. Nice.)
Today's sellers put their 1400 sq. ft. home on offer in early April in a market with little competition. There's only one livable, directly comparable SFR for sale now (204 El…
Tuesday, April 24th, 2007 at 6:59pm. 415 Views, 0 Comments.
But a recent post came close. Discussing 2500 Pacific Ave., MBC said:
When the same house was on the market in our last hot summer, 2005, it hung around for 90 days or so. Today's average is probably closer to 90-120 days for listings that have nice attributes.
A marginal listing is not a good market barometer. But same-property sales are an indicator. You can bet MBC will watch the action on 2500 Pacific. Our bet: They're fishing and they go back to renting it out. Translation: MBC was expecting very long DOM and perhaps no sale.
But today, 2500 Pacific has gone pending. Just like that, two weeks on the market.
Oh, all the intrigue is still there –…
Wednesday, April 18th, 2007 at 6:15am. 272 Views, 0 Comments.
Discussion and links to the spreadsheets are here.
Tuesday, April 17th, 2007 at 4:53pm. 429 Views, 0 Comments.
Comforting, but not completely true.
First, the news: Today's LA Times business section features a front-page story, "Foreclosure pace nears decade high," much gloomier than the typical LA Times real estate story.
There are now 900 homeowners per week losing their homes in California to foreclosure, up from 100 per week one year ago. More than 11,000 foreclosures in the first three months of 2007 represented an 800% increase over the same period last year. Cue the housing bear:
"For this rise in foreclosures to be happening in the midst of a strong labor market is truly unique and scary," said analyst Christopher…
Saturday, April 14th, 2007 at 5:37am. 323 Views, 0 Comments.
A beaten-up house, a location with issues, "potential" that is difficult even for a sunny optimist to imagine... all make for a local real estate puzzle you just want to solve.
Today's puzzle is 2500 Pacific, newly listed this week. It's got all the issues.
2500 Pacific is at the corner of Valley and Pacific. It's one of two houses at this four-way stop. This is as close as you get to a major intersection in the Tree Section. Stop signs on all sides mean screeching brakes and revved-up engines all day long.
The home has been forgotten. It's large (2000 sq. ft.) but built in 1959, and only slightly updated since.
There are two things to do with this house: Rent it out or scrape it. You don't want to buy it and live there, not for…
Wednesday, April 11th, 2007 at 9:53pm. 395 Views, 0 Comments.
Specifically, 83% believe that home values in their neighborhoods will remain the same or increase over the next six months. Just 16% think values will decrease.
To be fair, most of the no-decrease folks (51% of the 83% total) are just expecting flat values. Clearly these aren't go-go times.
MBC can offer a bit of context that the LA Times left out. Last year (13 months ago), the paper's polling shop asked the same question, and got about the same results (36 percent: increase, 14: decrease, 49: flat).
Consider that – a whole year's worth of escalating news about weakness in the housing sector, and opinions didn't change. That must be why they call…
Saturday, April 7th, 2007 at 9:40pm. 483 Views, 0 Comments.
On March 16, 2006, the owners put this quirky, large remodel on the market at $4.5 million. That didn't pan out. More than a year later, a million dollars had come off the price (a million!) and there was still no action.
Alas, a buyer has stepped forward. 108 S. Dianthus is PENDING, baby, after 386 DOM. (Not that you'd know with the multiple re-listings).
Last list price was $3.549m (as seen in the MB Market Update). Let's hope the buyers were fully informed just how stale the property really was, and got themselves a discount off that as well. In about a month, if this all works out, we'll see.
Worth noting: The sellers paid $2.34m way, way, way back in 2001. At the time that seemed like a…
Friday, April 6th, 2007 at 4:14pm. 237 Views, 0 Comments.
The newest discussion and links are here.
Thursday, April 5th, 2007 at 10:20pm. 233 Views, 0 Comments.
Not so long ago, we featured 521 Manhattan Beach Blvd., a duplex near Ardmore, in "I waited 6 months, now give me $300k."
Then we discussed an attempted flip, purchased for $1.495m in Aug. '06, on market 1/31/07 for $1.875m after some interior remodeling.
But now, $305,000 has come off the price. That's right, the same listing is up now for $1.570m.
At this point, the flippers just want their costs back so they can move on.
Of course, the property is "relisted" (#S944336) and there's no trace of the old price. New start date is 3/30/07. (This relist is courtesy of Shorewood.)
How quickly dreams confront reality, eh? Oh, right, this ain't over.