February 2009 
There are 32 blog entries for February 2009.
Weekend Opens (2/28-3/1)
Saturday, February 28th, 2009 at 5:01am. 121 Views, 0 Comments.
One of the upsides to the slower RE market is the proliferation of houses to go see, if that's your sort of thing. And increasingly, there are great homes in MB being opened to John Q. Public to browse, ponder and be inspired by.
Certainly all 3 of our Hill Section listings this weekend are like that. (Note: One, 717 Poinsettia, is open Saturday only.)
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 on any highlighted address for more pics & details via Redfin.
We ask MBC readers who visit these homes to also report back. Tell us what you see, what you like and what you don't like. Use the comments here to discuss the homes we've…
Certainly all 3 of our Hill Section listings this weekend are like that. (Note: One, 717 Poinsettia, is open Saturday only.)
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 on any highlighted address for more pics & details via Redfin.
We ask MBC readers who visit these homes to also report back. Tell us what you see, what you like and what you don't like. Use the comments here to discuss the homes we've…
Losing Our Bounce
Friday, February 27th, 2009 at 5:23am. 104 Views, 0 Comments.
Day after day this week, new listings have hit the market starting out below their acquisition prices.We list them here in order of the reduction from acquisition price, lowest to highest:
- 3505 Pacific, a delightful family home (4br/3ba, 2850 sq. ft.) on a nearly double-wide lot with a big location challenge, was purchased for $1.350m in Jan. 2004, but starts now at $1.299m (-$51k).
- 1604 Poinsettia (5br/4ba, 3125 sq. ft., 2004 build) was last purchased in Dec. 2005 for $2.2m, and began this week at $2.099m (-$101k).
- 528 6th (2005 build) is a sharp, angular modern that made a few appearances on MBC in 2008. Last purchased 3 years ago in Feb. 2006 for $2.995m, now offered for $2.799m (-$196k).
- 429 31st (4br/4ba, 3800 sq. ft., 2002 build) is a Cape
Tax Time
Thursday, February 26th, 2009 at 11:36pm. 100 Views, 0 Comments.
The new president will help pay for the government's big new debt and some new undertakings with tax increases. According to the WSJ:
The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.
The changes would be phased in gradually over the next few years. For the 2009 tax year, the 33% tax bracket starts with couples with taxable earnings of $208,850, when adjusted for personal exemptions and various deductible…
The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.
The changes would be phased in gradually over the next few years. For the 2009 tax year, the 33% tax bracket starts with couples with taxable earnings of $208,850, when adjusted for personal exemptions and various deductible…
February to Date
Thursday, February 26th, 2009 at 7:10am. 89 Views, 0 Comments.
MBC never posted a mid-month spreadsheet for February, so this next one will cover the whole month.
But rather than wait through the weekend, let's look at some highlights to date for the month:
As you may recall, January's month-end total of 122 was the highest MBC had reported in almost 2 years of public market tracking. Looks like we'll punch through that record this month.
At…
But rather than wait through the weekend, let's look at some highlights to date for the month:
- 14 sales (new escrows) have posted among SFRs west of Sepulveda, a respectable pace, perhaps the best in 4-6 months – we'll evaluate that formally in a few more days;
- 6 cancellations also reduced inventory; and
- Whoops, 36 new listings have come on over the same period.
As you may recall, January's month-end total of 122 was the highest MBC had reported in almost 2 years of public market tracking. Looks like we'll punch through that record this month.
At…
2 Years and $1.3m Later...
Wednesday, February 25th, 2009 at 6:14pm. 158 Views, 0 Comments.
Looks like time for an update to our Nov. 2008 story, "Renting Could Cost You $300k."
There we discussed the case of 2909 Elm, a 5br/4ba, 3450 sq. ft. home, built in 1991, that was first marketed in Dec. 2006 and always seemed to be listed well above its market value.
The property rented out rather than selling in Summer 2007, last listed for a bit over $2m. It came back on the market almost 18 months later – and $300k lighter. Here's the full price progression, as provided in the previous installment:
Technically, that's about $1.3m (-46%) off…
There we discussed the case of 2909 Elm, a 5br/4ba, 3450 sq. ft. home, built in 1991, that was first marketed in Dec. 2006 and always seemed to be listed well above its market value.The property rented out rather than selling in Summer 2007, last listed for a bit over $2m. It came back on the market almost 18 months later – and $300k lighter. Here's the full price progression, as provided in the previous installment:
- Dec. 2006: $2.8m
- Spring 2007: $2.495m
- June 2007: $2.395m
- July 2007: $2.025m
- late July 2007: rented
- Nov. 2008: $1.699m
Technically, that's about $1.3m (-46%) off…
New Lows Achieved in Trees
Tuesday, February 24th, 2009 at 7:03pm. 129 Views, 0 Comments.
In early November, we greeted a new listing at 2500 Oak (3br/2ba, 1350 sq. ft.) with the suggestion that its successful sale might mark "A New Low" for values west of Sepulveda.That story has now panned out pretty much as expected. The sale has closed at $738k, off a bit from the start at $824,900 (-$87k/-10%).
That makes 2500 Oak the lowest-priced full-lot (4840 sq. ft.) Tree Section sale in the last 6 months, and for a long time before that, too.
A smaller house (2br/1ba, 875 sq. ft.) on a bigger lot (5350 sq. ft.) at 772 Rosecrans sold for a trifle more, $744k, in late January.
Meanwhile, a 2br/1ba, 850 sq. ft. home on a half-lot at 3119 Valley fetched $720k last August, the low-water mark for the area, it appears. (MBC initially reported a price of…
MBB THs Dropping
Tuesday, February 24th, 2009 at 4:52am. 101 Views, 0 Comments.
We'll say it again, the very idea behind building three pricey new condos right on busy MBB was "surprising," to say the least. (See "A Surprising Development on MBB.")Those start prices – now eroding.
- The big one of the group (3br/3ba, 2500 sq. ft.), legally known as 1110 John, is down 15% from start in less than a month since the listing began. That's a drop from $1.793m to $1.525m early this week.
- The middle-sized TH (2br/2ba, 1800 sq. ft.), 1108 John, started at $1.450m and has taken a big cut of $251k (-17%) to $1.199m.
- The smallest (2br/2ba, 1550 sq. ft.), 1106 John, is now at $1.149m, down $150k/-11% from start.
Open Forum (2/24-3/2)
Tuesday, February 24th, 2009 at 4:24am. 111 Views, 0 Comments.
Some day not so far up and around the corner, it will be MBC's 2-year anniversary.
As that approaches, maybe you share our sense that the blog design is huffing and puffing, a wheel or two may be coming loose, and maybe it's time to take the old Honda into the shop. We're feeling that way, anyway. Here's why:
As that approaches, maybe you share our sense that the blog design is huffing and puffing, a wheel or two may be coming loose, and maybe it's time to take the old Honda into the shop. We're feeling that way, anyway. Here's why:
- In recent days, the surf report widget reported a water temp of 128 degrees. Maybe some day, but not now.
The weather forecast has gone buggy right at a time when the weather is actually a bit interesting. Sure, much of the year we could plug in a picture of "69 degrees" and let that be that. But now's an awkward time for that info box to quit.
- And of course, the comments system. Egad, the comments system. We got "Intense Debate" because
Sunday Opens (2/22)
Sunday, February 22nd, 2009 at 4:19am. 133 Views, 0 Comments.
If you're back early from Ski Week, there's a lot to catch up on at MBC. Plenty of new and newsworthy opens to drop in on as well.
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 on any highlighted address for more pics & details via Redfin.
We ask MBC readers who visit these homes to also report back. Tell us what you see, what you like and what you don't like. Use the comments here to discuss the homes we've highlighted.
Hill Section
620 9th drew MBC's notice the other day for its aggressive pricing (see "Low on the Hill"). Wow, $2.199m for a large (4br/4ba, 4500 sq. ft.) Hill Section property with ocean views and a yard? A location…
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 on any highlighted address for more pics & details via Redfin.
We ask MBC readers who visit these homes to also report back. Tell us what you see, what you like and what you don't like. Use the comments here to discuss the homes we've highlighted.
Hill Section
620 9th drew MBC's notice the other day for its aggressive pricing (see "Low on the Hill"). Wow, $2.199m for a large (4br/4ba, 4500 sq. ft.) Hill Section property with ocean views and a yard? A location…Another Newbie Way Down
Saturday, February 21st, 2009 at 10:54pm. 156 Views, 0 Comments.
Not much happens on a Saturday, but a loud ping just hit us.
The warm, large (4br/4ba, 3800 sq. ft.) new modern at 560 36th chopped $400k more today, and is now at $1.799m (-$1.2m/-40% from start).
MBC last mentioned this house 10 days ago in a writeup on new construction in distress, on account of a notice of default filed against the property. (See "First Hill Newbie to Go Short.") The amount outstanding exceeds that new market price, according to what we can see on PropertyShark.com.
36th is now 1 of 5 new homes in the Trees priced below $2m – that never used to happen. At $473/PSF, it's also about $100/PSF lower than the rest.
The warm, large (4br/4ba, 3800 sq. ft.) new modern at 560 36th chopped $400k more today, and is now at $1.799m (-$1.2m/-40% from start). MBC last mentioned this house 10 days ago in a writeup on new construction in distress, on account of a notice of default filed against the property. (See "First Hill Newbie to Go Short.") The amount outstanding exceeds that new market price, according to what we can see on PropertyShark.com.
36th is now 1 of 5 new homes in the Trees priced below $2m – that never used to happen. At $473/PSF, it's also about $100/PSF lower than the rest.
