May 2009 
There are 26 blog entries for May 2009.
Weekend Opens (5/31)
Sunday, May 31st, 2009 at 7:01am. 111 Views, 0 Comments.
As we face some continuing (and boring) background issues on the blog technology, we're going to provide a very abbreviated "Weekend Opens" feature.
Frankly we're not sure if, or how, the comment system will function, especially if the transition occurs in the next day or two. So check out these properties, and try, if you can, to comment, but we may see issues. Apologies in advance – your blog author is not some techie.
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."
Hill Section
513 N. Dianthus (pictured) (3br/3ba, 2475 sq. ft.) got a mention here the other day as a "gorgeous" remodel that also has a price problem at $1.899m. Open Sun. 2-4pm.
There are…
Frankly we're not sure if, or how, the comment system will function, especially if the transition occurs in the next day or two. So check out these properties, and try, if you can, to comment, but we may see issues. Apologies in advance – your blog author is not some techie.
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."
Hill Section
513 N. Dianthus (pictured) (3br/3ba, 2475 sq. ft.) got a mention here the other day as a "gorgeous" remodel that also has a price problem at $1.899m. Open Sun. 2-4pm.There are…
Transitions
Saturday, May 30th, 2009 at 6:56am. 196 Views, 0 Comments.
Just a quick note here to say MBC is undergoing a couple of changes in the background.
You may experience quirks logging on to view our content for a day or two.
One change is that all content will now be hosted at www.mbconfidential.com, rather than on the mbcon.blogspot.com address. Old story links are supposed to work seamlessly.
Comments are in transition. We're dropping the "Intense Debate" system and planning a new system, but there are hitches.
That means that comments left between Friday night and some time this weekend might get lost – we don't know. Or they might flop over to the old Google/Blogger system before the new system takes over.
We hope to post a feature on Weekend Opens shortly, but we wanted readers to be aware of possible limits on…
You may experience quirks logging on to view our content for a day or two.
One change is that all content will now be hosted at www.mbconfidential.com, rather than on the mbcon.blogspot.com address. Old story links are supposed to work seamlessly.
Comments are in transition. We're dropping the "Intense Debate" system and planning a new system, but there are hitches.
That means that comments left between Friday night and some time this weekend might get lost – we don't know. Or they might flop over to the old Google/Blogger system before the new system takes over.
We hope to post a feature on Weekend Opens shortly, but we wanted readers to be aware of possible limits on…
Learning, and Not
Friday, May 29th, 2009 at 5:50am. 138 Views, 0 Comments.
This week there's another big, early-90s build in the Tree Section that's priced in the lower 400s per square foot – evidence that sellers are learning from recent experience.
It's 2400 N. Poinsettia, several doors south of Marine. The home is big (4br/5ba, 3650 sq. ft.) and, though its early-90s vintage is apparent in some of the construction, the updates make it one of the crispest among similar offerings we've seen recently.
The start price of $1.599m looks realistic, with, perhaps, a little extra built in. The PPSF to begin is $438/PSF.
This one's open Sunday, 1-4pm, and we'll go ahead and project that a crowd will attend.
There was a time when the $1.5m range got you 2,000-2,500 sq. ft., but here we are looking at 3,650 sq. ft. in that price range. Not…
It's 2400 N. Poinsettia, several doors south of Marine. The home is big (4br/5ba, 3650 sq. ft.) and, though its early-90s vintage is apparent in some of the construction, the updates make it one of the crispest among similar offerings we've seen recently.The start price of $1.599m looks realistic, with, perhaps, a little extra built in. The PPSF to begin is $438/PSF.
This one's open Sunday, 1-4pm, and we'll go ahead and project that a crowd will attend.
There was a time when the $1.5m range got you 2,000-2,500 sq. ft., but here we are looking at 3,650 sq. ft. in that price range. Not…
Relisters' Row
Thursday, May 28th, 2009 at 5:21am. 103 Views, 0 Comments.
Like a lot of MBC readers, your blog author often checks in on what's new in local RE by clicking on Redfin's MB page.
Wednesday, by some coincidence, 3 "new" listings in a row weren't.
For a time, they created a little "Relisters' Row," a virtual wall of shame.
As the pic here shows (click to enlarge), the newest to re-list were 209 16th, 133 1st and 512 12th. (Although 16th is not in the same category because the "new" listing reflects its addition to income properties; the older SFR listing remains.) We'd say go ahead and click all those highlighted addresses for more pics & details via Redfin – but that would just be encouraging them.
None of these listings made a major price move. The 1st St. listing is down $26k from its last incarnation. The 12th St.…
Wednesday, by some coincidence, 3 "new" listings in a row weren't.
For a time, they created a little "Relisters' Row," a virtual wall of shame.
As the pic here shows (click to enlarge), the newest to re-list were 209 16th, 133 1st and 512 12th. (Although 16th is not in the same category because the "new" listing reflects its addition to income properties; the older SFR listing remains.) We'd say go ahead and click all those highlighted addresses for more pics & details via Redfin – but that would just be encouraging them.
None of these listings made a major price move. The 1st St. listing is down $26k from its last incarnation. The 12th St.…
Tough Deals
Wednesday, May 27th, 2009 at 4:51am. 101 Views, 0 Comments.
Some of the toughest deals to bring to completion are also the kinds of deals we see more and more of around town – short sales and REOs.
A short sale is always going to be tough because two parties ("owner" and buyer) are making a deal that will cost a third party – perhaps a fourth, too – some money. The lender has to agree to a haircut, assuming you can find the actual decision-maker holding the paper.
If this sounds simple, you're not paying attention.
REOs may be simpler in theory, with the bank "owner" closer to the situation, but they really do not relish these sales, either, and don't work overtime to run them smoothly.
Throw into this mix buyers who jump into transactions fishing for a steal who may not be prepared fully for the next steps.
Buyers will…
A short sale is always going to be tough because two parties ("owner" and buyer) are making a deal that will cost a third party – perhaps a fourth, too – some money. The lender has to agree to a haircut, assuming you can find the actual decision-maker holding the paper.
If this sounds simple, you're not paying attention.
REOs may be simpler in theory, with the bank "owner" closer to the situation, but they really do not relish these sales, either, and don't work overtime to run them smoothly.
Throw into this mix buyers who jump into transactions fishing for a steal who may not be prepared fully for the next steps.
Buyers will…
Weekend Opens (5/23-5/24)
Saturday, May 23rd, 2009 at 4:05pm. 155 Views, 0 Comments.
It's a holiday weekend, and guess what – that means your blog author might just take Monday off, too.
But to keep it interesting we'll run an extended "Weekend Opens" feature, with a couple best-of retreads, some high-priced listings that are worth some discussion, and a couple surprises.
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 – or any open houses – to also report back in the comments here. Tell us what you see, what you like and what you don't like.
East MB
Here's your first surprise – we're teasing an East MB listing. A…
But to keep it interesting we'll run an extended "Weekend Opens" feature, with a couple best-of retreads, some high-priced listings that are worth some discussion, and a couple surprises.
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 – or any open houses – to also report back in the comments here. Tell us what you see, what you like and what you don't like.
East MB
Here's your first surprise – we're teasing an East MB listing. A…Courthouse Offerings
Friday, May 22nd, 2009 at 5:46am. 164 Views, 0 Comments.
Don't let that Memorial Day vacation run too long if you're looking for bargains in MB.
Trustee's sales on 2 intriguing properties are slated for Wednesday next week (5/27), 10:30am, on the steps of the LA County courthouse in Norwalk.
The first is 939 Duncan, a 4br/5ba, 3950 sq. ft. home featured from time to time here at MBC over 9 months in 2007-08. It's a massive remodel/rebuild that we called "A 2-Year Flip on Duncan" in a story in Oct. 2007.
In December 2005, someone had paid $2.53m for this home, then really went to work.
Per the Oct. 2007 listing:
This home has been almost completely redone in 2007. Absolutely like new. No expense spared. The best of all worlds from a wonderful pool and spa to a very serviceable elevator. Price started at $3.895m…
Trustee's sales on 2 intriguing properties are slated for Wednesday next week (5/27), 10:30am, on the steps of the LA County courthouse in Norwalk.
The first is 939 Duncan, a 4br/5ba, 3950 sq. ft. home featured from time to time here at MBC over 9 months in 2007-08. It's a massive remodel/rebuild that we called "A 2-Year Flip on Duncan" in a story in Oct. 2007.In December 2005, someone had paid $2.53m for this home, then really went to work.
Per the Oct. 2007 listing:
This home has been almost completely redone in 2007. Absolutely like new. No expense spared. The best of all worlds from a wonderful pool and spa to a very serviceable elevator. Price started at $3.895m…
MB Market Update for 5/15/09, Sales and Inventory
Thursday, May 21st, 2009 at 4:01am. 130 Views, 0 Comments.
The new MB Market Update Spreadsheets are available for download now by clicking here or, at any time, by using the link in the upper-right corner of the front page. Information in this update closed May 15.
We've got to begin this update by saying huzzah and "well done" to the Tree Section, which saw 9 sales (new escrows) in the first half of the month. These included the removal of 5 speckies from the market, with varying lengths of stay on the MLS – from under 100 DOM to more than a year.
Of the 11 total sales in this period among SFRs west of Sepulveda, 3 of them – including one of the Tree Section speckies – were bank-owned properties. That's the first time we've written a sentence like that in 2-plus years of public market tracking.
For all that…
We've got to begin this update by saying huzzah and "well done" to the Tree Section, which saw 9 sales (new escrows) in the first half of the month. These included the removal of 5 speckies from the market, with varying lengths of stay on the MLS – from under 100 DOM to more than a year.
Of the 11 total sales in this period among SFRs west of Sepulveda, 3 of them – including one of the Tree Section speckies – were bank-owned properties. That's the first time we've written a sentence like that in 2-plus years of public market tracking.
For all that…
Forecast Forum (5/20-)
Wednesday, May 20th, 2009 at 6:20pm. 132 Views, 0 Comments.
What does the future hold?
70 degrees and sunny. You can almost bank on that.
The actual weather forecast for MB the next few days is 69-71, with the occasional fogginess of June Gloom arriving early.
Keep a sweatshirt handy.
4.7 and 4.0. Those were the sizes of recent earthquakes. (Our pic is a shake map via USGS.)
You know, they don't predict earthquakes. Still, for armchair forecasters, it's a little bit reassuring to see that all the activity on these recent quakes is on the "Newport-Inglewood fault," several miles inland, and not the Palos Verdes Fault or the Redondo Canyon fault just offshore. Every once in a while we get a 3-4 point bump off Redondo Canyon, but there are none forecast any time soon.
36%!?! California home prices are down, and ratings…
70 degrees and sunny. You can almost bank on that.
The actual weather forecast for MB the next few days is 69-71, with the occasional fogginess of June Gloom arriving early.
Keep a sweatshirt handy.
4.7 and 4.0. Those were the sizes of recent earthquakes. (Our pic is a shake map via USGS.)You know, they don't predict earthquakes. Still, for armchair forecasters, it's a little bit reassuring to see that all the activity on these recent quakes is on the "Newport-Inglewood fault," several miles inland, and not the Palos Verdes Fault or the Redondo Canyon fault just offshore. Every once in a while we get a 3-4 point bump off Redondo Canyon, but there are none forecast any time soon.
36%!?! California home prices are down, and ratings…
Can't Wipe Away the Loss
Tuesday, May 19th, 2009 at 4:26am. 145 Views, 0 Comments.
More evidence that MB home prices have backtracked to 2005 or so comes from a closed sale at 468 33rd.We'll note first that holding at 2005 prices wouldn't be so bad, if MB could levitate there for a while. Plenty of markets are living in 2002 or so, headed back further amid booming REO sales – comp killers. So we count our blessings.
Now, what makes 468 33rd a marker in our growing dataset is not going to be obvious to everyone.
The home just sold for a loss: $2.5m as of May 14, down from the May 25, 2006, acquisition price of $2.775m, a drop of $275k (-10%). But it takes some research to show that.
Here at MBC we're only certain of that acquisition price because we wrote about it 17 months ago in "Stuff Our Stockings (Please)." At that time, we wrote, the…
