April 2007 
There are 12 blog entries for April 2007.
When a $100k reduction isn't
Sunday, April 29th, 2007 at 10:13pm. 91 Views, 0 Comments.
MBC notes the re-listing of 2507 Valley at a, COUGH, reduced, COUGH, price of $1.999m.
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:
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
Decelerating returns
Sunday, April 29th, 2007 at 9:21pm. 126 Views, 0 Comments.
A newer North End listing draws MBC's attention.
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…
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…
Crow may be eaten
Tuesday, April 24th, 2007 at 6:59pm. 109 Views, 0 Comments.
MBC will generally steer clear of predictions. It's a bad idea to pretend to know something you cannot know.
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 –…
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 –…
Market Update for 4/17/07
Wednesday, April 18th, 2007 at 6:15am. 143 Views, 0 Comments.
Check out the newest MB market updates, current as of 4/17/07.
Discussion and links to the spreadsheets are here.
Discussion and links to the spreadsheets are here.
Foreclosures in the News, and in MB
Tuesday, April 17th, 2007 at 4:53pm. 127 Views, 0 Comments.
It's comforting to think that the headlines about sub-prime loans and foreclosures simply don't mean anything for Manhattan Beach real estate.
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…
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…
Flipping a marginal listing
Saturday, April 14th, 2007 at 5:37am. 102 Views, 0 Comments.
Marginal listings intrigue MBC.
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…
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…
'Faith' in high prices
Wednesday, April 11th, 2007 at 9:53pm. 125 Views, 0 Comments.
Today's LA Times tells us that most Americans have "faith" that home prices won't be going down any time soon.
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…
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…
386 Days Later, a Sale
Saturday, April 7th, 2007 at 9:40pm. 103 Views, 0 Comments.
It's been a long road for 108 S. Dianthus, but the end is in sight.
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…
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…
Market Update for 4/5/07
Friday, April 6th, 2007 at 4:14pm. 104 Views, 0 Comments.
Check out the newest MB Market Updates, current as of April 5.
The newest discussion and links are here.
The newest discussion and links are here.
Never Mind, I Don't Need $300k
Thursday, April 5th, 2007 at 10:20pm. 103 Views, 0 Comments.
It's already time for MBC's first "where are they now" follow-up story.
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.
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.
