There are 30 blog entries for October 2007.
Wednesday, October 31st, 2007 at 6:03am. 454 Views, 0 Comments.
To the east, Manhattan Village residents, you can take a quick breath, but don't think this is over for you yet.
We have a photo (via x17online.com) that shows Britney Spears fingering through a brochure for 2805 Tennyson Place, a Hermosa Beach home in the hills just a smidge south of MB – west of Sepulveda, barely north up off Gould, and (of course) up east from Valley. Obviously, she's interested.
This large (5br/6ba, 5900 sq. ft.) home plus guest house, on a highly unusual 1/2 acre lot (with ocean views), is listed at $8.585m. You can probably believe the text of the recent Beach Reporter ad (click the last picture in the sequence to see the whole ad):
It's like living…
Tuesday, October 30th, 2007 at 6:03am. 388 Views, 0 Comments.
Word is: Britney Spears is "house hunting" in Manhattan Beach. (Source: TMZ.)
Oh Ms. Spears, you confused and frightening thing, this is not your kind of town.
Your lyricists, publicists, record co. execs, lawyers, financial advisers – it's more like their kind of town. A place for entertainment industry people, but not faces.
It's low-key here, and we like it.
The celebs we get here play on cable, or they are team guys who don't draw too much of a spotlight when they're off the clock. (Newport takes guys like Kobe and Rodman. Worth a look!)
If you're going to be a celeb in a small town, you want to know you can go get coffee without a media frenzy. We've got that. Or…
Monday, October 29th, 2007 at 4:31am. 532 Views, 0 Comments.
MBC focuses here on the special problem of new construction that has lingered for more than a year. What might these homes foretell for the fates of others that don't get snapped up fairly soon?
Of the 30 homes now active in the $2m+ segment, 23 are newly built. Three have been offered for more than a year. Let's look at each, and see what might be holding people back:
2310 Palm (click for details) is a bit of a surprise on this list. It's lovely. No stapled-on stone. The location is good. Materials inside are well-chosen, carrying an authentic-feeling Spanish flavor throughout. It has tons more character than…
Sunday, October 28th, 2007 at 4:29pm. 393 Views, 0 Comments.
Leave it to the LA Times today to bring us the realtors' perspective on a slowing market: They're fed up with "fusspot buyers" and "stubborn sellers," and they're not going to take it anymore.
The article is overstated in a Fox News (or Stephen Colbert) kind of way, but there's something real to it.
Here's the realization that some agents and brokers are taking to heart: They have neither the time nor the money to waste on a lot of us. You're a buyer and you want to see a lot of homes and take your time? Sorry. If you have one of the agents quoted in the story representing you, you'll see a selection of the homes on market when you start your search, then you're shunted off…
Saturday, October 27th, 2007 at 6:02am. 233 Views, 0 Comments.
Oh, dear readers, we missed something today: A cocktail-hour open house Friday evening at a home we featured earlier in the week – 2404 Palm (click for details and dreadful pics).
Absolute RE marketing brilliance, and we missed it. Also, a chance to provide free libations for our loyal readers...
Look, we've been busy with our real work, non-RE stuff, and we only just now got to the Beach Reporter ad teasing a:
Special Cocktail Hour Showing
2404 Palm Ave.
Fri. Oct. 26th from 6-7pm OK, we've copped to missing it. But tipsters, tipplers – where were y'all?!?
Anyone make it to the booziest public open we're aware of?
Friday, October 26th, 2007 at 4:58pm. 318 Views, 0 Comments.
Halloween is coming early this year. This has been a week in which huge dollar losses related to the deflation of the RE bubble were impossible to ignore.
Scroll through one of our favorite economics blogs, Calculated Risk, and it's an absolutely grim parade of news. Culling some data from CR and some from other sources:
- Merrill Lynch wrote off $7.9 billion in mortgage-backed securities, nearly twice the amount the firm said it would write off only three weeks before. Why the change? A more honest look at the value of those mortgage-related holdings. The reward for such honesty? The CEO may well be fired, or worse.
- American International Group (AIG) might take a hit of nearly $10 billion due to its exposure (as an insurer) to subprime mortgages.
Thursday, October 25th, 2007 at 5:33am. 279 Views, 0 Comments.
- 225 Moonstone (pictured) is back on the market. (Click address for details.) It's one of the least expensive listings in the Sand, at $1.295m (for 3br/2ba, 1350 sq. ft.). This is the second failed escrow for this property. The most recent escrow began earlier this month. (When it came back the first time, the notes specifically said it was no fault of the property that escrow failed.) Noteworthy: The sellers paid $1.140m in Dec. 2005.
- 225 39th is now down to $1.599m, down from $1.745m. This one was purchased for $1.595m back in June of this year, as MBC discussed in "Can a Flip Flop This Quicky?" We'd love to have more detail on this property, but if it is really a flip, it's
Wednesday, October 24th, 2007 at 3:55am. 276 Views, 0 Comments.
Now there are 5 new construction listings under $2.2m, and another at $2.249m.
Could this be the beginning of the builder-initiated price movement we've been watching for? (In "Quitter – Bellwether," just last week, we said it seemed that no such movement was happening. What a difference a week makes.)
This new clustering is partly the result of 3 price cuts this week. Let's look at everything at $2.249 and down to $2.0m – remember, these are all new construction (click any address for details):
- 2105 Oak (5br/5ba, 3250
Tuesday, October 23rd, 2007 at 5:59am. 276 Views, 0 Comments.
A couple weeks ago, the California Association of Realtors set this party line:
Tighter credit standards, affordability concerns, and a continued standoff between buyers and sellers will contribute to continued weakness in the market going into next year. Specifically, CAR expects a 4% decline in the statewide median price in 2008, after a 3.5% increase this year. This qualifies as optimism, we suppose: 2007 and 2008 are a wash, so 2009 is just 2006.
Monday, a more bearish assessment by Goldman Sachs suggested that homes in California are "overvalued" by as much as 40%. Money quote, via the Bloomberg story:
Prices in the…
Monday, October 22nd, 2007 at 5:55am. 276 Views, 0 Comments.
MBC is guessing that the average visitor walked away shaking his or her head, disappointed and a bit awed by the strangeness of this home.
You'll fall in love again with the standard Tree Section home layouts when you've seen Palm's unexpected and peculiar 3-story design. Enter on the level featuring the kitchen and dining room, and, if you're not to be dining, you'll be going up to the master, or down to the living room and three other bedrooms.
For those of you…