October 2008 
There are 25 blog entries for October 2008.
Boo!
Friday, October 31st, 2008 at 5:39am. 262 Views, 0 Comments.
Are you sitting at your desk Friday in costume?What will you do on Halloween night?
With or without kids?
Those are the sorts of questions MBC is inviting readers to answer in this open thread today.
Tell us about your Halloween traditions and plans, particularly those with a local angle.
Your blog author is a bit blown away by the manner in which Halloween has grown into such a landmark holiday. Strings of Halloween lights going up October 1? That really, really doesn't seem familiar from our childhood.
But it's all good. It's an autumn festival, and that sort of thing does have deep roots, ghouls or no ghouls.
What are you up to today and tonight?
Some Sales Stack Up
Thursday, October 30th, 2008 at 4:34am. 127 Views, 0 Comments.
You will rarely see periods as bereft of sales as the first half of October, when MBC noted just 2 SFRs west of Sepulveda heading into escrow. (See "MB Market Update for 10/15/08.") There were various reasons, many found on the front page of your dog trainer.
The second half of the month has seen several more buyers step up.
We count 10 sales (new escrows) after Oct. 15, and there are a couple more days left for more deals to post. Also, one more listing that previously canceled (341 10th) popped up in escrow, a deal we will mark in our spreadsheets as occurring in the second half of October, too, raising the sales to 11 for the second half, 13 for October so far.
As we follow these through to potential closed sales, we'll be watching to see if today's buyers…
The second half of the month has seen several more buyers step up.
We count 10 sales (new escrows) after Oct. 15, and there are a couple more days left for more deals to post. Also, one more listing that previously canceled (341 10th) popped up in escrow, a deal we will mark in our spreadsheets as occurring in the second half of October, too, raising the sales to 11 for the second half, 13 for October so far.
As we follow these through to potential closed sales, we'll be watching to see if today's buyers…
Close Shaves in the Trees
Tuesday, October 28th, 2008 at 5:02pm. 165 Views, 0 Comments.
Several active listings in the Tree Section show the recent deceleration of local home prices.
In some cases, same-house sales will actually show a reversal in the market – the first clear signs of the bubble deflating and pushing prices backward in time.
(As always, click on any highlighted address below for more pics & details via Redfin.)
Not Worth What They Once Were
These are quite obviously tough times to sell, but these 3 listings have recently entered the fray nonetheless, all offered below their recent acquisition prices. These are not really "close shaves," they're taking off layers of skin:
In some cases, same-house sales will actually show a reversal in the market – the first clear signs of the bubble deflating and pushing prices backward in time.
(As always, click on any highlighted address below for more pics & details via Redfin.)
Not Worth What They Once Were
These are quite obviously tough times to sell, but these 3 listings have recently entered the fray nonetheless, all offered below their recent acquisition prices. These are not really "close shaves," they're taking off layers of skin:
3109 Laurel (pictured) is a little cottage that's officially a short sale. Purchased for $1.375m in April 2006, now priced at $1.199m (-$176k/-13%).
- 570
Update on Some Short-Term Holds
Tuesday, October 28th, 2008 at 4:57am. 100 Views, 0 Comments.
In MBC's early days, we used to run a feature about sellers with the "Two Year Itch." (See our most recent two-year-itch update, from February.)
We defined these two-year itchers as folks who were looking to get out of a home they had remodeled for a profit, or who just wanted to cash out on the appreciation they had seen by simply living in their homes for a spell at a fortuitous time.
We told some tales in 2007, in particular, of people walking with some nice checks. (Scan down a bit in the left-hand column and click the "Label" for "two-year itch" for more.)
There haven't been many of those stories recently.
Short-term holds aren't too profitable right now, in most cases. Consider our most recent story of this type, "Short-Term Holds (Sand)" from June.
Then,…
We defined these two-year itchers as folks who were looking to get out of a home they had remodeled for a profit, or who just wanted to cash out on the appreciation they had seen by simply living in their homes for a spell at a fortuitous time.
We told some tales in 2007, in particular, of people walking with some nice checks. (Scan down a bit in the left-hand column and click the "Label" for "two-year itch" for more.)
There haven't been many of those stories recently.
Short-term holds aren't too profitable right now, in most cases. Consider our most recent story of this type, "Short-Term Holds (Sand)" from June.
Then,…
Open Forum, Politics Edition (10/27-11/4)
Monday, October 27th, 2008 at 5:19am. 118 Views, 0 Comments.
You may have noticed recently that politics have begun to bleed into the discussions here at MBC.Normally we steer clear of that stuff, as it is generally far afield from real estate.
With about a week to go before Election Day, it seems like time to open up the gates. Let's talk politics, as macro or micro as anyone pleases.
To tee things up a bit, we'll raise 3 issues:
PRESIDENT – Someone has to take over for a president who saw the housing/credit bubble inflate and pop under his watch. The free-marketeers he brought to Washington, D.C., have now joined the ranks of the world's leading socialists, having taken over Fannie and Freddie (many trillions at stake), having begun to bail out banks and having socialized losses on a historic scale already. And…
Sunday Opens (10/26)
Sunday, October 26th, 2008 at 4:14am. 118 Views, 0 Comments.
In between heats of the pumpkin races on Sunday, you should have time to drop in on an open house or two.
(Pumpkin races? Click here for the official site and here for last year's MBC story on the races' inaugural run downtown.)
Just as we had a few listings last weekend that were quite near each other, allowing for efficient shopping, this Sunday we point to a few listings within steps of each other in the Hills and Sand. The first option in the Trees is quite close to downtown.
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."
We ask MBC readers who visit these homes to also report back. Tell us what you see, what you like, what you don't like, what…
(Pumpkin races? Click here for the official site and here for last year's MBC story on the races' inaugural run downtown.)
Just as we had a few listings last weekend that were quite near each other, allowing for efficient shopping, this Sunday we point to a few listings within steps of each other in the Hills and Sand. The first option in the Trees is quite close to downtown.
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."
We ask MBC readers who visit these homes to also report back. Tell us what you see, what you like, what you don't like, what…
2000 Prices in 2010?
Saturday, October 25th, 2008 at 10:32pm. 211 Views, 0 Comments.
It's just one man's opinion, but Leo Nordine's may be weightier than others'.
Nordine is an agent who lives in Hermosa Beach and has specialized in foreclosures since the 1990s. Actually, the LA Times labels him the "Foreclosure King" in a profile today.
The story concludes with Nordine's advice (as written by the reporter):
Don't sell unless you absolutely have to. Don't buy until 2010, when prices should be at 2000 levels. And apply every spare nickel to paying off your debt, including mortgages. More than a year ago, MBC also linked over to some LA Times coverage of Nordine (see "Bearish Leo at LA Times Blog"). Back then he was pretty bearish, too, saying "the next two years are going to be brutal."
Maybe there's only another year left?
Nordine is an agent who lives in Hermosa Beach and has specialized in foreclosures since the 1990s. Actually, the LA Times labels him the "Foreclosure King" in a profile today.
The story concludes with Nordine's advice (as written by the reporter):
Don't sell unless you absolutely have to. Don't buy until 2010, when prices should be at 2000 levels. And apply every spare nickel to paying off your debt, including mortgages. More than a year ago, MBC also linked over to some LA Times coverage of Nordine (see "Bearish Leo at LA Times Blog"). Back then he was pretty bearish, too, saying "the next two years are going to be brutal."
Maybe there's only another year left?
Awkwaaard!
Thursday, October 23rd, 2008 at 10:59pm. 257 Views, 0 Comments.
We return to the flat South End walkstreets for a tale of two cottages.
New on the market is 429 7th, a 4br/3ba, 2125 sq. ft. remodel. (Pictured; as always, click highlighted address for more pics & details via Redfin.)
It can't help but be compared to 424 5th – 4br/3ba, 1925 sq. ft., also active at this time.
Both are cute little places in one of the quieter parts of town with those family-friendly walkstreets.
Both are around the same vintage – updated, of course.
Both have some great, beachy décor.
Both hit the market at the same start price: $2.399m.
And both have the same agent.
After that, the stories begin to diverge.
424 5th (pictured) has been around since Labor Day, about 6 weeks. In that time, it has already taken a big cut: -$300k/-13%, down to $2.099m.
…
New on the market is 429 7th, a 4br/3ba, 2125 sq. ft. remodel. (Pictured; as always, click highlighted address for more pics & details via Redfin.)It can't help but be compared to 424 5th – 4br/3ba, 1925 sq. ft., also active at this time.
Both are cute little places in one of the quieter parts of town with those family-friendly walkstreets.
Both are around the same vintage – updated, of course.
Both have some great, beachy décor.
Both hit the market at the same start price: $2.399m.
And both have the same agent.
After that, the stories begin to diverge.
424 5th (pictured) has been around since Labor Day, about 6 weeks. In that time, it has already taken a big cut: -$300k/-13%, down to $2.099m.…
Name Your Price?
Wednesday, October 22nd, 2008 at 3:32am. 121 Views, 0 Comments.
We must be entering another new phase in the local real estate market.
Next month, 5 new homes by the same builder will be sold at auction on the same day.
These are not foreclosure auctions or bank-owned properties, mind you. These are active listings (or recently active) that simply haven't been moving in the traditional way – listing on the MLS, re-listing, dropping prices, rejecting lowballs then begging for "all reasonable offers."
So now it's time to let buyers name their prices.
Of these 5 homes, 3 are in MB (only 1 west of Sepulveda) and 2 are in Hermosa. All of them were originally priced above $2 million, but all will start well below that on the day of the auction, Sunday, Nov. 23:
Next month, 5 new homes by the same builder will be sold at auction on the same day.
These are not foreclosure auctions or bank-owned properties, mind you. These are active listings (or recently active) that simply haven't been moving in the traditional way – listing on the MLS, re-listing, dropping prices, rejecting lowballs then begging for "all reasonable offers."
So now it's time to let buyers name their prices.
Of these 5 homes, 3 are in MB (only 1 west of Sepulveda) and 2 are in Hermosa. All of them were originally priced above $2 million, but all will start well below that on the day of the auction, Sunday, Nov. 23:
2509 Palm, MB, is well-known to MBC readers, if only because it has
MB Market Update for 10/15/08
Tuesday, October 21st, 2008 at 3:53am. 135 Views, 0 Comments.
The new MB Market Update spreadsheets for 10/15/08 are available for download by clicking here, or at any time by using the link in the upper-right corner of the MBC front page. Information in this update closed Oct. 15.
Inventory of SFRs west of Sepulveda has now hit a new high, at least for the 18-months-plus that MBC has provided public market tracking. The new record total: 124, up 8 from the end of September.
During this period we counted 15 new listings and 2 comebackers (failed escrows) adding to inventory, while 2 sales (new escrows) and 6 cancellations reduced inventory. (One more came off our spreadsheets that did not belong on the last report.)
Inventory broke down as follows:
Inventory of SFRs west of Sepulveda has now hit a new high, at least for the 18-months-plus that MBC has provided public market tracking. The new record total: 124, up 8 from the end of September.
During this period we counted 15 new listings and 2 comebackers (failed escrows) adding to inventory, while 2 sales (new escrows) and 6 cancellations reduced inventory. (One more came off our spreadsheets that did not belong on the last report.)
Inventory broke down as follows:
- Hill Section: 27, far above the 10 active SFRs at this time last year;
