July 2008 
There are 26 blog entries for July 2008.
What to Do with All the Unneeded Houses?
Thursday, July 31st, 2008 at 3:52am. 109 Views, 0 Comments.
There are some unloved, unwanted homes – even new ones – in MB, but we don't have it nearly as bad as some parts of the state, or the country.A fascinating article the other day over at Calculated Risk used Census Bureau data and other sources to estimate that, as we speak, nationwide there are "about 1.75 million excess housing units in the U.S. that need to be absorbed over the next few years." (See "Q2: Homeownership and Vacancy Rates.")
That 1.75m figure breaks down to:
- 825,000 excess vacant homes;
- 200,000 excess new home inventory; and
- 710,000 excess rental units.
Bargain Month
Wednesday, July 30th, 2008 at 4:36am. 103 Views, 0 Comments.
Several of the SFR sales that have closed in July have reflected double-digit discounts off their start prices.With a couple of days left in the month, MBC has seen 14 sales close west of Sepulveda, 6 in the Sand Section and 8 in the Trees. Of those 14, 8 saw chops of at least 10% from their initial public-offer prices. They're listed here by home condition, with highest prices first:
- 473 31st (new), start: $3.250m, close: $2.8m (-$450k/-14%)
- 3500 Blanche (new), start: $2.549m, close: $2.125m (-$424k/-17%)
- 2509 Walnut (new), start: $2.449m, close: $2.025m (-$424k/-17%)
- 534 14th (remod), start: $3.350m, close: $2.7m (-$650k/-19%)
- 737 36th (remod), start: $1.785m, close: $1.435m (-$350k/-20%)
- 125 El Porto (remod), start: $1.699m, close: $1.395m
The Plan Came Together
Tuesday, July 29th, 2008 at 1:29am. 108 Views, 0 Comments.
If you know who Mr. T is, you might recall that, in the early 1980s, he was part of an NBC series called "The A-Team." In the show, his boss, Hannibal (George Peppard), made famous a catchphrase that he used near the triumphant end of each show: "I love it when a plan comes together."
Now, the agent who recently sold Peter Brady's old house at 737 36th is no gruff old cigar-chomper – she really bears no resemblance to Peppard. But you can still imagine she may have felt the same sort of boastful satisfaction Peppard's character did and maybe, just maybe, said something like "I love it when a plan comes together" when multiple bids came in on the house last month.
Multiple bids might have seemed unlikely. Before June, 737 36th had been on the market for most…
Now, the agent who recently sold Peter Brady's old house at 737 36th is no gruff old cigar-chomper – she really bears no resemblance to Peppard. But you can still imagine she may have felt the same sort of boastful satisfaction Peppard's character did and maybe, just maybe, said something like "I love it when a plan comes together" when multiple bids came in on the house last month.Multiple bids might have seemed unlikely. Before June, 737 36th had been on the market for most…
Open Forum (7/28-8/3)
Monday, July 28th, 2008 at 3:47am. 150 Views, 0 Comments.
There's plenty to discuss this week, including the anemic sales pace of the second half of July. (That's just because everyone's on vacation.)But we'll kick off the week here with a measure of surprise from our most recent poll results. In a poll that generated more votes than any that came before, the winner for biggest problem on The Strand was – KIDS. (See "Troubles in Paradise.")
Kids in strollers. Kids who toddle along, clueless to traffic around them. Kids with toys, kids with skateboards, kids with dime bags for sale, kids with other kids making trouble.
It was a bit of a shock to see the next generation overtake the year-round problem that seemed to generate the most comments – dogs.
That was your blog author's top concern. It's not the barking or the…
Sunday Opens (7/27/08)
Sunday, July 27th, 2008 at 1:21am. 162 Views, 0 Comments.
Our theme for the week might be "flat." Three featured listings here (2 of them new) are priced very close to their purchase prices in Feb. 2005, March 2005 and March 2007.
No pick from Mrs. MBC this week – she said, "Wow me," and frankly there wasn't anything new this week that could do that. She's smart to hold off.
Click here for the complete list of opens published in the Beach Reporter, or at any time use the link in the right-hand column under "Prop. Search Tools."
As always, click any highlighted address below for more pics & details via Redfin.
Hill Section
Nothing new in the Hills this week after we had two neighbors come on last week. But here are some options of interest:
913 8th (pictured) ain't much, stylewise, from the outside, but the home is…
No pick from Mrs. MBC this week – she said, "Wow me," and frankly there wasn't anything new this week that could do that. She's smart to hold off.
Click here for the complete list of opens published in the Beach Reporter, or at any time use the link in the right-hand column under "Prop. Search Tools."
As always, click any highlighted address below for more pics & details via Redfin.
Hill Section
Nothing new in the Hills this week after we had two neighbors come on last week. But here are some options of interest:
913 8th (pictured) ain't much, stylewise, from the outside, but the home is…Choice Dirt
Friday, July 25th, 2008 at 4:09am. 145 Views, 0 Comments.
Here and there, intriguing lot sales are coming on the market.Partly that's because builders aren't able to snap them up like they once did – business is a drag. And partly we're seeing these lots come up on public offer because the sellers are looking to push the boundaries for what ought to be paid for choice dirt.
Last week, MBC featured two candidates for splittable lots, one in the Hills at 222 N. Poinsettia ($7.9m) and one in the Trees at 2900 Maple ($2.7m). (See "Just Split 'Em.")
Now, a new, dreamy Sand Section lot has just come up – 320 Manhattan Ave. (Click highlighted address for pics & details via Redfin.)
There's a ho-hum old duplex there now, but you know that's not what the $4.2m pricetag is all about.
320 Manhattan has a 33' frontage on…
Troubles in Paradise
Thursday, July 24th, 2008 at 4:29am. 141 Views, 0 Comments.
You don't need to convince your blog author that MB is a great place, or that The Strand is one of our town's fine features. We've already declared as much (see "Great Streets: The Strand, Part I").Yet, for all the joyous beauty of a public, beachfront thoroughfare like The Strand, there are issues. Frequent visitors will have their own pet peeves.
Think about that a little and vote in our new poll. This is meant to be a bit lighthearted, though some will think us crotchety for even suggesting it.
The poll is multiple-choice: you can vote for any number of issues you think are problems on The Strand. We prefer that you vote only once or twice for the big problems, but there's no enforcement.
Maybe for you, the big problem is beach visitors crossing The Strand…
Palm Blues
Wednesday, July 23rd, 2008 at 3:57am. 130 Views, 0 Comments.
In the past week, the number of new-construction offerings in the Tree Section priced below $2m has doubled – from 2 to 4.
And now, in a sign that we've reached a new stage in the working-off of stale, new-construction inventory, both of the new sub-$2m listings are in the early stages of foreclosure. Notices of default were filed on both properties July 8. (See PropertyShark.com.)
2611 Palm (pictured; click address for more details via Redfin) is the longest-running new ("new?!?") home on the market, 560 days at this writing. (It began Jan. 10, 2007.)
This week's cut was $196k. At $1.999m, it's down $496k (-20%) from its start at $2.495m.
2509 Palm isn't far behind, at 460 days (April 19, 2007).
This week's cut was $200k. (See the listing price history below.)…
And now, in a sign that we've reached a new stage in the working-off of stale, new-construction inventory, both of the new sub-$2m listings are in the early stages of foreclosure. Notices of default were filed on both properties July 8. (See PropertyShark.com.)
2611 Palm (pictured; click address for more details via Redfin) is the longest-running new ("new?!?") home on the market, 560 days at this writing. (It began Jan. 10, 2007.)This week's cut was $196k. At $1.999m, it's down $496k (-20%) from its start at $2.495m.
2509 Palm isn't far behind, at 460 days (April 19, 2007).
This week's cut was $200k. (See the listing price history below.)…
Open Forum (7/21-7/27)
Tuesday, July 22nd, 2008 at 4:56am. 113 Views, 0 Comments.
The local dog trainer this weekend carried a vital, investigative piece suggesting that MB is chock-full of pro athletes.We here at MBC assume you catch these things on your own, but just in case, here's a link and a money quote:
What Silicon Valley is for programmers and Nashville is for musicians, Manhattan Beach has become for professional athletes. Besides [Maria] Sharapova, there are Lakers and Clippers, Dodgers and Kings. There are pro volleyball players, soccer players and football players. Yes, that's right, we are wall-to-wall athletes. Except for the B-list actors, producers, writers, money managers, lawyers, run-of-the-mill CEOs, and, oh, hey, various other hardworking folk. If there's a celebrity requirement for entry, we haven't seen it on…
Warmer than Expected
Monday, July 21st, 2008 at 3:23am. 137 Views, 0 Comments.
The first half of July saw some big, scary developments in the mortgage market. IndyMac, a prime source of jumbo and Alt-A loans popular in higher-cost communities, imploded. Fannie and Freddie were thrown to the ropes, leading to some new guarantees of U.S. government intervention.
But MB’s RE market did alright during this challenging two-week period. This is clear in the new MB Market Update spreadsheets (click here to download the 7/15/08 edition, or use the link at the top-right of the front page anytime).
MBC previously noted that the month of June saw significant imbalance – 40 new listings and 19 sales (new escrows) that stuck. Last month, inventory of SFRs west of Sepulveda crept up to 113, the highest yet reported by MBC in a year-plus of public…
But MB’s RE market did alright during this challenging two-week period. This is clear in the new MB Market Update spreadsheets (click here to download the 7/15/08 edition, or use the link at the top-right of the front page anytime).
MBC previously noted that the month of June saw significant imbalance – 40 new listings and 19 sales (new escrows) that stuck. Last month, inventory of SFRs west of Sepulveda crept up to 113, the highest yet reported by MBC in a year-plus of public…
