July 2007 
There are 32 blog entries for July 2007.
Two Views from the Hills
Tuesday, July 31st, 2007 at 10:13pm. 101 Views, 0 Comments.
Two Hill Section listings near $4m reflect very different views of price appreciation since 2004.
Both homes are marked up, of course, one by 25% and one by 64% over the prices paid by the current owners in 2004.
6th…
Both homes are marked up, of course, one by 25% and one by 64% over the prices paid by the current owners in 2004.
- 637 6th St. is almost new (2004), a corner lot Italianate mansion, 5br + 6ba (including partials) and 4387 sq. ft., on a 4970 sq. ft. lot with big views. The current owners paid $3.125m in Nov. 2004. List price: $3,899,500 (+25%).
- 869 3rd St. is a very clean, modern 4br/4ba home with 4136 sq. ft., on a 5720 sq. ft. lot with good yard/outdoor space and views. Built in 2000. The current owners paid $2,437,500 in May 2004. List price: $3,995,000 (+64%).
6th…
Home is Livable Now: Re-List It!
Tuesday, July 31st, 2007 at 6:40am. 101 Views, 0 Comments.
Who knows what situations might come up during a listing that might merit a quick cancel-and-re-list?
Oh, you might have a realtor/developer who just wants to restart the clock, or an address change on the property mid-listing, or this:
Certificate of occupancy just received!!
That's the great, great news on the new construction at 2309 Pacific. After nearly 75 DOM, they can actually legally allow buyers to move into the house. Bravo!
To celebrate, today the sellers got a fresh, new MLS#, replacing tired old S947286 with the much cleaner new S951920.
There was a token reduction, too ($60k to $2.239m) but the certificate of occupancy was the headline. Finally, they're ready for offers!
Oh, you might have a realtor/developer who just wants to restart the clock, or an address change on the property mid-listing, or this:
Certificate of occupancy just received!!
That's the great, great news on the new construction at 2309 Pacific. After nearly 75 DOM, they can actually legally allow buyers to move into the house. Bravo!To celebrate, today the sellers got a fresh, new MLS#, replacing tired old S947286 with the much cleaner new S951920.
There was a token reduction, too ($60k to $2.239m) but the certificate of occupancy was the headline. Finally, they're ready for offers!
(Blush) MBC Called '#1 Consumer Real Estate Blog'
Tuesday, July 31st, 2007 at 6:12am. 130 Views, 0 Comments.
Too much. A very generous post on a Seattle RE blog (RainCityGuide.com) that features multiple real estate experts actually calls MBC the "#1 Consumer Real Estate Blog."
We promise not to believe the hype. But it's nice recognition for a few months' work, in the same sense that we've appreciated many readers' support.
So, what's the Seattle-MB connection?!?
The author of the post, Ardell DellaLoggia, once owned 714 MBB, the townhome whose current owner is now in a bit of a bind, but whose story has made good copy. (She was "two owners back" by her phrasing.)
Ardell & MBC have been in touch for some time strictly because of her past ownership of the subject property. But it happens she's a prolific and opinionated blogger in her own right, and a busy realtor…
We promise not to believe the hype. But it's nice recognition for a few months' work, in the same sense that we've appreciated many readers' support.
So, what's the Seattle-MB connection?!?
The author of the post, Ardell DellaLoggia, once owned 714 MBB, the townhome whose current owner is now in a bit of a bind, but whose story has made good copy. (She was "two owners back" by her phrasing.)
Ardell & MBC have been in touch for some time strictly because of her past ownership of the subject property. But it happens she's a prolific and opinionated blogger in her own right, and a busy realtor…
SW: 'Optimistic' Buyers May Be 'Disappointed'
Monday, July 30th, 2007 at 5:08pm. 98 Views, 0 Comments.
The other day MBC featured one local realtor's reflections on buyer sentiment that she is aware of. The implication that prices are high for today's buyers appeared to be partly unwelcome.
Our most recent post discussed one MB home that is almost certainly worth less than what the owners paid last year.
Now, we have the official line from the major regional realty firm. In a July 24 press release, Shorewood owners Arnold Goldstein and Larry Wolf are quoted (once again jointly) in support of the release's claim that "results for June continued to demonstrate the South Bay’s resilience in the face of downward trends seen elsewhere." Cue Arnold & Larry:
We continue to be optimistic that South Bay home prices – particularly in the more affluent beach communities…
Our most recent post discussed one MB home that is almost certainly worth less than what the owners paid last year.
Now, we have the official line from the major regional realty firm. In a July 24 press release, Shorewood owners Arnold Goldstein and Larry Wolf are quoted (once again jointly) in support of the release's claim that "results for June continued to demonstrate the South Bay’s resilience in the face of downward trends seen elsewhere." Cue Arnold & Larry:
We continue to be optimistic that South Bay home prices – particularly in the more affluent beach communities…
Time to Close the Books on the MBB TH Price War?
Monday, July 30th, 2007 at 6:25am. 100 Views, 0 Comments.
It might be time to finish a story MBC began long ago, that of two townhomes in the same building on Manhattan Beach Blvd. that wound up in a price war.Winner: 710 MBB (left), sold 7/27/07 for $1,206,000.
Loser: 714 MBB (right), paid $1.355m in April '06, last listed at $1.349m, before quitting the market in late May.
To recap, 710 MBB was the more up-to-date unit and 714 MBB is actually on MBB, so when 710 undercut 714, it looked hopeless for 714. (Hence the dropout.)
If 714 MBB really has to sell, and that's what it looked like with the sellers having less than a year in the unit before offering it back up for sale, then the only questions were:
- how bad the (pricing) damage would be once 710 closed, and
- what the prospects might be for the market once
One Realtor's Take on the Slowdown
Saturday, July 28th, 2007 at 5:27am. 110 Views, 0 Comments.
Local realtor and blogger Kaye Thomas offers some good perspective in a piece from earlier this week, entitled "The Seller's Lament: Where, Oh Where, Have The Buyers Gone?"
Some highlights from Kaye's telling of the word on the street:
Inventory is rising in the Beach Cities and sales volume is slowing. Some of this is seasonal but lot of the reason for slower sales is that many buyers have set price limits...
Home sales ( homes that have closed escrow) are not looking great for July in most of the Beach Cities and are really low in Manhattan Beach...
Buyers and Sellers are just not in the same ballpark on prices. Many sellers are looking at prices from their perceived idea of value not true market value... [Homes that buyers] feel are over that value are…
Some highlights from Kaye's telling of the word on the street:
Inventory is rising in the Beach Cities and sales volume is slowing. Some of this is seasonal but lot of the reason for slower sales is that many buyers have set price limits...
Home sales ( homes that have closed escrow) are not looking great for July in most of the Beach Cities and are really low in Manhattan Beach...
Buyers and Sellers are just not in the same ballpark on prices. Many sellers are looking at prices from their perceived idea of value not true market value... [Homes that buyers] feel are over that value are…
Fishbowl Sold?
Friday, July 27th, 2007 at 6:56pm. 108 Views, 0 Comments.
Let's be clear here, MBC is pleased to see willing sellers and willing buyers meet and reach a deal. We're mostly focused on pricing.So it is in a spirit of celebration that we note that 300 N. Dianthus now sports a "SOLD" sign. The entry on the MLS hasn't been updated yet, but that will surely come.
Start price (4/12/07): $4.495m.
Last list: $4.295m.
When MBC first wrote about this home, what drew our notice was the gaping flaw in an otherwise beautiful home – a poorly located master bedroom. (There were some other quirks we didn't get into much.) Our point was that there ought to be some kind of discount for that.
It would appear the discount was at least $200k (a paltry 4%), perhaps more. When we get the final word we'll publish that.
Drought Ends, Glut Continues
Thursday, July 26th, 2007 at 5:08am. 133 Views, 0 Comments.
A sales drought in the Tree Section $2m+ segment has now ended after 25 days.
MBC's records show that the last sale was 3005 Poinsettia, posted on June 29 and discussed here.
Today comes the news that the new construction at 3113 Valley is pending.
This home is 5br/4ba, 3400 sq. ft., on a slightly larger-than-usual lot (5000 sq. ft.). Last price was $2.299m – or $674/sq. ft., the lowest among Tree Section new construction.
Bonus feature: Solar electric generating system pre-installed. Nice.
But 3113 Valley has been immediately replaced by a new home at 3104 Pacific (pictured), which begins at $2.149m, $150k below the other new construction in the Trees.
That probably seems like aggressive pricing for a newbie that, by profile, is a lot like the others that are…
MBC's records show that the last sale was 3005 Poinsettia, posted on June 29 and discussed here.
Today comes the news that the new construction at 3113 Valley is pending.
This home is 5br/4ba, 3400 sq. ft., on a slightly larger-than-usual lot (5000 sq. ft.). Last price was $2.299m – or $674/sq. ft., the lowest among Tree Section new construction.
Bonus feature: Solar electric generating system pre-installed. Nice.
But 3113 Valley has been immediately replaced by a new home at 3104 Pacific (pictured), which begins at $2.149m, $150k below the other new construction in the Trees.
That probably seems like aggressive pricing for a newbie that, by profile, is a lot like the others that are…
Can't Ignore the Rush of News
Wednesday, July 25th, 2007 at 7:43pm. 131 Views, 0 Comments.
Let's get outside our comfy confines a moment and see what the rest of the world is saying about real estate.
Countrywide Financial CEO Anthony Mozilo, yesterday:
We are experiencing home price depreciation almost like never before, with the exception of the Great Depression. Ian Shepherdson, economist for High Frequency Economics, today:
Housing is contracting at an accelerating pace, taking out with a vengeance the brief stabilization at the turn of the year, when mild weather and plunging gas prices supported activity. Front page of the LA Times today:
Foreclosures [statewide] soared to 17,408 for the three months ended June 30, an increase of 799% from the same period last year. The current rate handily exceeds the previous foreclosure peak set in 1996,…
Countrywide Financial CEO Anthony Mozilo, yesterday:
We are experiencing home price depreciation almost like never before, with the exception of the Great Depression. Ian Shepherdson, economist for High Frequency Economics, today:
Housing is contracting at an accelerating pace, taking out with a vengeance the brief stabilization at the turn of the year, when mild weather and plunging gas prices supported activity. Front page of the LA Times today:
Foreclosures [statewide] soared to 17,408 for the three months ended June 30, an increase of 799% from the same period last year. The current rate handily exceeds the previous foreclosure peak set in 1996,…
Take the House, Take the Car
Wednesday, July 25th, 2007 at 7:11am. 121 Views, 0 Comments.
One of these days, the folks selling 1313 Oak will find a buyer.They did not last year, when they started at $2.8m in April 2006.
They have not so far in 2007, despite a $300k price drop when they began anew in late May this year.
Offering up $300k worth of custom furnishings as part of the deal didn't work. The "Queer Eye for the Straight Guy" connection didn't move the house.
So now, you get a free car. If only you'll pay full price. (Pic above from Beach Reporter ad.)
The Mercedes S550 is valued at nearly $90k new. (Is this one new?)
The listing no longer mentions the $300k worth of free furniture – is it still a silent part of the deal? Or do we get the car, but no "Queer Eye" lifestyle?
We may chuckle at the tactics, but we can't ignore something real: So…
