June 2009 
There are 27 blog entries for June 2009.
Sand Loses One, Gains One
Tuesday, June 30th, 2009 at 5:46am. 169 Views, 0 Comments.
Not every coming and going among local RE listings deserves a mention, but today, two do.
It's hard to believe, but it was more than 300 days ago that a double-lot on a flat walkstreet was proposed for a mega-new dream home project at 412 8th. (That's an artist's rendering of the possible new home on the right.)
MBC wrote that up in "2 Are Better Than 1," openly wondering whether maybe a "Hill Section home" like this one really belongs in the Hill Section, not on a cozy walkstreet near downtown.
The project has been listed at $8.5m all along, but it canceled Monday. We're not sure why; will report back when we know more.
One high-end loss was met by another high-end gain.
There's another new Strand listing: 2920 The Strand (7br/7ba, 5675 sq. ft.).
It wasn't so…
It's hard to believe, but it was more than 300 days ago that a double-lot on a flat walkstreet was proposed for a mega-new dream home project at 412 8th. (That's an artist's rendering of the possible new home on the right.)MBC wrote that up in "2 Are Better Than 1," openly wondering whether maybe a "Hill Section home" like this one really belongs in the Hill Section, not on a cozy walkstreet near downtown.
The project has been listed at $8.5m all along, but it canceled Monday. We're not sure why; will report back when we know more.
One high-end loss was met by another high-end gain.
There's another new Strand listing: 2920 The Strand (7br/7ba, 5675 sq. ft.).It wasn't so…
A 2nd Deal?
Tuesday, June 30th, 2009 at 1:24am. 151 Views, 0 Comments.
It has been only a week since we last mentioned 132 2nd, and they've now got a deal. (Property can still be viewed while in "backup offer" status.)
As you'll recall from "Riches Slip Away," the sellers here have seen a $6m+ deal come and go.
Last list price: $3.795m.
Acquisition price (April 2005): $3.5m.
Do what you have to do, you might get a deal.
That's not the only recent west-of-Highland sale in the Sand Section.
The other is 209 16th, a sorta-duplex listed with SFRs, last at $2.699m. (Property can still be viewed while in "backup offer" status.)
Interestingly, this one, like 2nd, was also acquired in early 2005 (March) for a little less than the most recent list price: $2.535m.
So there's some action near the beach, and we'd bet trades pretty close to 2005…
As you'll recall from "Riches Slip Away," the sellers here have seen a $6m+ deal come and go.Last list price: $3.795m.
Acquisition price (April 2005): $3.5m.
Do what you have to do, you might get a deal.
That's not the only recent west-of-Highland sale in the Sand Section.
The other is 209 16th, a sorta-duplex listed with SFRs, last at $2.699m. (Property can still be viewed while in "backup offer" status.)
Interestingly, this one, like 2nd, was also acquired in early 2005 (March) for a little less than the most recent list price: $2.535m.
So there's some action near the beach, and we'd bet trades pretty close to 2005…
Close the Books on the Crazy Craigslist TH
Monday, June 29th, 2009 at 4:46am. 186 Views, 0 Comments.
A couple months ago, we discussed a townhome that was in utter unloading mode at 432 24th. (Click for property history via Redfin.)
MBC doesn't cover THs much, but this one hit the radar due to serial, daily re-listings on Craigslist – often with different prices. (See "Craigslist Craziness.")
We can now report that as of late April, this TH – a 1995 build with 3br/3ba, 1975 sq. ft. – did make a deal.
The listing was off the MLS by then, so we only now came across the closing price. Here's the full progression:
MBC doesn't cover THs much, but this one hit the radar due to serial, daily re-listings on Craigslist – often with different prices. (See "Craigslist Craziness.")We can now report that as of late April, this TH – a 1995 build with 3br/3ba, 1975 sq. ft. – did make a deal.
The listing was off the MLS by then, so we only now came across the closing price. Here's the full progression:
- Jan. 2005 (last purchase): $1.247m
- Dec. 11, 2008 (listing start price): $1.299m
- Dec. 12, 2008 (listing changed price): $1.199m
- March 16, 2009 (listing changed price): $1.099m
- March 23, 2009 (listing changed price): $1.075m
- April 29,
Weekend Opens (6/27-6/28)
Saturday, June 27th, 2009 at 4:10am. 149 Views, 0 Comments.
We're not sure when, exactly, Summer is supposed to kick in. School closed and that was one solid week of marine-layer action afterward.
We're trying to draw people to the sunny, beach lifestyle. Forecasts say we'll finally have some sun for this weekend's open houses. Which, unfortunately, may mean fewer people at open houses. What a puzzle.
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.
Hill Section
718…
We're trying to draw people to the sunny, beach lifestyle. Forecasts say we'll finally have some sun for this weekend's open houses. Which, unfortunately, may mean fewer people at open houses. What a puzzle.
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.
Hill Section
718…Guessing Games
Friday, June 26th, 2009 at 4:44am. 128 Views, 0 Comments.
Quick: What's a double lot in the Hill Section worth?
Go ahead and guess – anything.
OK, ready?
Now, did you come closer to $8m, or $5m?
Last year at about this time, 222 N. Poinsettia, a double lot totaling 13,800 sq. ft. with some views, hit the market at $7.9m.
That was a guess.
There have been adjustments since.
This week, it's down yet again – $700k in one chop. Now all the way down to $5.295m.
This, at least, is an educated guess.
Experience showed that the dirt wasn't going to fetch $8m, or $7m, or $6m. So it was time to get closer to $5m.
As the property history (via Redfin) here shows, a cut of $700k was the smallest yet. The previous cuts were each at, or near, $1m.
Total chops to date: $2.605m (-33%). That has to be some kind of record.
It's still the…
Go ahead and guess – anything.
OK, ready?
Now, did you come closer to $8m, or $5m?
Last year at about this time, 222 N. Poinsettia, a double lot totaling 13,800 sq. ft. with some views, hit the market at $7.9m.That was a guess.
There have been adjustments since.
This week, it's down yet again – $700k in one chop. Now all the way down to $5.295m.
This, at least, is an educated guess.
Experience showed that the dirt wasn't going to fetch $8m, or $7m, or $6m. So it was time to get closer to $5m.
As the property history (via Redfin) here shows, a cut of $700k was the smallest yet. The previous cuts were each at, or near, $1m.Total chops to date: $2.605m (-33%). That has to be some kind of record.
It's still the…
Tree Section Closings
Wednesday, June 24th, 2009 at 10:08pm. 148 Views, 0 Comments.
We see a couple of recent closings that help fill out a picture of Tree Section activity...
958 Rosecrans (2br/1ba, 975 sq. ft.) on a 6000 sq. ft. lot, was one of "Two New REOs" we mentioned in early May. It has now closed for $650k, a token $100.00 over the list price.
The same property sold for:
Admittedly, this sale doesn't tell us much about the market, because it's such an outlier. The other home mentioned in "Two New REOs," 543 24th, hasn't closed yet.
We also just saw the sale close on…
958 Rosecrans (2br/1ba, 975 sq. ft.) on a 6000 sq. ft. lot, was one of "Two New REOs" we mentioned in early May. It has now closed for $650k, a token $100.00 over the list price.The same property sold for:
- $422k in Jan. 2001
- $580k in March 2003 (+37% over 2001)
- $977k in July 2006 (+68% over 2003, +132% over 2001)
Admittedly, this sale doesn't tell us much about the market, because it's such an outlier. The other home mentioned in "Two New REOs," 543 24th, hasn't closed yet.
We also just saw the sale close on…Trees en Fuego?
Tuesday, June 23rd, 2009 at 10:40pm. 108 Views, 0 Comments.
Last week we noted that the Hill Section was having a nice little rush of sales, while the Sand Section was, well, not being warmed by the sun just yet.
The Trees – they're practically on fire. Even since we last checked in 3 weeks ago in "Quick is Quick in the Trees."
The sales pace is nothing like in the bubble-driven heydey, or even the last rally in Spring 2007, but there is plenty going on. We'll separately look at some fairly quick sales and some that finally scrubbed some aged inventory off the books.
Kinda Speedy
The Trees – they're practically on fire. Even since we last checked in 3 weeks ago in "Quick is Quick in the Trees."
The sales pace is nothing like in the bubble-driven heydey, or even the last rally in Spring 2007, but there is plenty going on. We'll separately look at some fairly quick sales and some that finally scrubbed some aged inventory off the books.
Kinda Speedy
1825 Oak (4br/4ba, 3136 sq. ft.) (listing may be viewed while in "backup offer" status) is almost new, custom-built for the owners, who then decided to sell last year – starting at $2.399m. That was never going to happen.
Riches Slip Away
Monday, June 22nd, 2009 at 6:00pm. 243 Views, 0 Comments.
A few years back, your blog author placed a lottery ticket under a scanner at a local store to see if it was a winner.A digital readout on the machine said something completely new, which we recall as "prize cannot be paid in store; call attendant" – or words to similar effect.
The effect is what mattered: For a moment there, it seemed like the ticket might possibly be a big winner, and that this stilted message on the machine was supposed to keep the reader calm while the counter help phoned some kind of special hotline.
Alas, no. The prize was about $10, but it could not be paid yet in the store, because the draw results were too fresh – about 15 minutes old. Payouts are held for a while after the draw. So, a few days later, we pocketed the $10, not the…
Weekend Opens (6/19-6/20)
Friday, June 19th, 2009 at 9:02pm. 168 Views, 0 Comments.
Dad deserves a break, so be gentle if he'd rather take Sunday off from the open-house grind.
Put him on duty Saturday instead. It's not like he can complain that he's missing a Laker game.
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 the featured homes, or any open house, to also report back in the comments here. Tell us what you see, what you like and what you don't like.
Hill Section
913 Highview is elegant, newer (2004 build) and relatively compact for the Hills (3br/4ba, 2350 sq. ft.). The location on Highview is on a quiet little block near…
Put him on duty Saturday instead. It's not like he can complain that he's missing a Laker game.
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 the featured homes, or any open house, to also report back in the comments here. Tell us what you see, what you like and what you don't like.
Hill Section
913 Highview is elegant, newer (2004 build) and relatively compact for the Hills (3br/4ba, 2350 sq. ft.). The location on Highview is on a quiet little block near…MB Market Update for 6/15/09
Friday, June 19th, 2009 at 4:01am. 105 Views, 0 Comments.
The new MB Market Update spreadsheets can be downloaded by clicking here or, at any time, by using the link in the upper-right corner of the front page.
We begin by noting that inventory of SFRs west of Sepulveda is down substantially from a month ago. By MBC's count:
In mid-May: 154
In mid-June: 138 (-16/-10%) There are two major explanations for this dropoff.
First, sales have begun keeping pace with the rate of new listings coming on the market.
As our graph here shows (click to enlarge), April was perfectly balanced, while previous months were way, way out of whack – with far too much supply added amid very weak demand.
Those 21 sales in May were no huge feat, but they did make it the best month of the year so far.
The big reason for the inventory dropoff in…
We begin by noting that inventory of SFRs west of Sepulveda is down substantially from a month ago. By MBC's count:
In mid-May: 154
In mid-June: 138 (-16/-10%) There are two major explanations for this dropoff.
First, sales have begun keeping pace with the rate of new listings coming on the market.As our graph here shows (click to enlarge), April was perfectly balanced, while previous months were way, way out of whack – with far too much supply added amid very weak demand.
Those 21 sales in May were no huge feat, but they did make it the best month of the year so far.
The big reason for the inventory dropoff in…
