There are 37 blog entries for February 2008.
Friday, February 29th, 2008 at 5:30am. 390 Views, 0 Comments.
The two most recent months saw sales of SFRs west of Sepulveda in the single digits – 9 in December and 7 in January. Currently, we've recorded 17 sales (new escrows) in our subject region in February. Several have posted in the last 2-3 days, and there's still a leap day left for more to be posted.
The deals made so far include 1 in the Hill Section (forgettable 1019 11th) and 8 each in the Sand Section and the Trees. We'd call 3 of the Sand Section sales possible lot sales, while 2 were new construction – including delicious 200 19th at $5.849m. In the Trees, 3 new homes, 1 great remodel (2317…
Thursday, February 28th, 2008 at 4:55am. 241 Views, 0 Comments.
In a few cases with current listings, the seller is offering plans for a remodel or new construction as part of the deal.
2808 Manhattan Ave. is the newest entry. (Click address for details, including a satellite map, via Redfin; no pics yet.) For $1.799m you get a 2200-sq.-ft. lot, plus:
[P]lans for a 3,300 sqft single family home which includes 4 bedrooms, 4 baths, living room, formal dining room, recreation/media room, elevator & 3-car garage. Plans have been approved by the city. It would appear the sellers were ready to build in a great part of town west of Highland, and just couldn't, or wouldn't, pull the trigger. A buyer could…
Wednesday, February 27th, 2008 at 3:33am. 428 Views, 0 Comments.
Today let’s look at recent MB sales from a different angle: what some call the ask-close spread. Basically we’re looking how much recent sellers got, compared to their own starting prices.
The short version:
- Recent Sand Section sales fared best, with most sales closing within 10% of their start prices.
- In the Hill Section, a small sample of 4 sales saw 3 close with cuts of 15% or more.
- In the Tree Section, resales had spreads of 11-16% off their start prices, with most at the higher end of that range; most new construction took cuts
Tuesday, February 26th, 2008 at 7:04am. 391 Views, 0 Comments.
In the Trees, Pacific can be just plain busy – i.e., not very "pacific." If you're headed north in the morning (or any time), you've got refinery stacks in your sights as you shuffle toward Rosecrans.
But whoa, what a completely different story Pacific Ave. is over in the Hill Section. It's perhaps the city's premier ocean-view street, particularly in the stretch between 6th-10th St. Here, "Pacific" actually means you will see a lot of the Pacific Ocean. Big-blue-marble-type views. (Those power lines are on the way down.)
In short, when you say "Hill Section" and think "ocean view," Pacific ought to be your next thought.
(Please forgive MBC for the…
Monday, February 25th, 2008 at 10:32pm. 247 Views, 0 Comments.
The build was a unique, custom design, memorably touted for some time as a home that supposedly evoked Frank Lloyd Wright's "Fallingwater" – with a grass driveway on Duncan apparently subbing for the forested setting of the Wright home. (We kid.)
By the 6-month mark, 911 Duncan wasn't moving, so the price did – down $470k to $3.299m. As MBC noted in "Fallingprice," this was the greatest drop in new-construction pricing in the Hill Section in 2007.
Now, with a closed price coming in at $3.190m, we can shut the books. The final price was -$580k/-15% off that optimistic start. That's the new record for cuts on new construction in the Hills.
Monday, February 25th, 2008 at 6:07am. 253 Views, 0 Comments.
Oh, we know, location (x3) is the RE mantra. Everyone knows location is important.
But in more frenzied times, buyers' goal is to buy something, anything, ASAP, and not to let a specific street or location trip them up. If they're trying to buy the ZIP code, after all – or the school district – they might look past things that suddenly seem important when they have a choice, like those refinery stacks they would see each morning out the kitchen window as they make the kids' lunches.
In a calmer market like today's, sellers can overcome their homes' location issues only with realistic pricing, or big adjustments.
In the last few days, 2 listings proved that…
Saturday, February 23rd, 2008 at 5:17am. 250 Views, 0 Comments.
131 Kelp (pictured; click for details via Redfin) is a small 2br/2ba, 1400 sq. footer in El Porto – er, "North Manhattan Beach." (Did you know there's a street in MB named Kelp? It's between 40th and 41st.) It's cozy but on the cute side. Where else can you get ocean views (from the deck) for $1.095m? Open Sun. 1-4.
At the other end of town, lovers of the South End might love the southernmost offering in MB at 207 Homer. (Did you know there's a street in MB named Homer?) This one can be tough to find: go a half block south of 1st St., then look just east of Manhattan Ave. (Former address is 80 Manhattan Ave.) Built in 1967, the home offers…
Friday, February 22nd, 2008 at 10:05pm. 336 Views, 0 Comments.
It didn't work.
Instead, they sold it for almost $1.3m.
Peculiar 612 11th St. came on the market at $975k and sold for $1.275m in less than a week. (Presumably due to multiple offers.)
Now, peculiar 612 11th is back. (Click address for details via Redfin.)
And this time the sellers shouldn't have the problem of managing a bunch of overbids. They're starting at $1.599m. That's +$324k/+25% over the closed price from last May.
Why do we keep saying "peculiar?" It's the strange "flag lot." This is a polite way of saying it's the back house on a lot appears to be split in two. The "flagpole" is your driveway access to 11th.
Last year, we…
Friday, February 22nd, 2008 at 12:52am. 252 Views, 0 Comments.
Speaking of which, "stagflation" appears to be the buzzword of the day, appearing in headlines and stories in the WSJ, NYT and LAT today. (Opening up lots of 1970s analogies.)
This graph was produced by a free tool at Bankrate.com to show California rates over the last 3 years. Here's another tool hosted at the WSJ using Bankrate data nationwide.
The current spike, particularly on jumbos, mirrors the August 2007 panic when the mortgage meltdown became undeniable. That one eased, but you have to wonder if this time it's different. (One thing that's different is that "jumbos" are being redefined as $730k+, in our area, anyway, but this will take till…
Thursday, February 21st, 2008 at 10:08pm. 242 Views, 0 Comments.
Just around the corner, Robinson holds its 5k on Saturday, March 15th, with a route including walkstreets and Valley on the South End.
Grandview's 5k is June 7, back in the Trees.
MBC has previously called out these runs, among others, as some of our favorite parts of life in MB. (See "A New, Unique MB Event," about the pumpkin races.) Frankly, where your humble correspondent was raised, we didn't have this sort of thing, with the closing off of streets for fitness runs (or renowned bike races). Check yourself: It's cool.
If you're so inclined,…