October 2009 
There are 29 blog entries for October 2009.
Weekend Opens (10/31-11/1)
Saturday, October 31st, 2009 at 3:09am. 205 Views, 0 Comments.
Boo.
Almost half the open houses this weekend include Saturday hours. Come in costume and you might get a cupcake, or some other treat – say, a flier with a mortgage projection. (Too scary?)
Click here for the complete list of opens published in the Beach Reporter, or at any time use the link from the "Property Search Tools" pull-down menu in the top navigation bar.
As always, click any highlighted property address for more pics & details via Redfin. Please report back here at MBC on any open houses you visit – what you like, what you don't like, etcetera.
East MB
The Lakers will be home Sunday night versus Atlanta, but this weekend, Lamar Odom won't be home in MB.
Instead, the public is invited to view 1639 5th (5br/5ba, 4175 sq. ft.), Odom's home of the past…
Almost half the open houses this weekend include Saturday hours. Come in costume and you might get a cupcake, or some other treat – say, a flier with a mortgage projection. (Too scary?)
Click here for the complete list of opens published in the Beach Reporter, or at any time use the link from the "Property Search Tools" pull-down menu in the top navigation bar.
As always, click any highlighted property address for more pics & details via Redfin. Please report back here at MBC on any open houses you visit – what you like, what you don't like, etcetera.
East MB
The Lakers will be home Sunday night versus Atlanta, but this weekend, Lamar Odom won't be home in MB.
Instead, the public is invited to view 1639 5th (5br/5ba, 4175 sq. ft.), Odom's home of the past…
Hills Coming Up 8's Too
Friday, October 30th, 2009 at 4:13am. 193 Views, 0 Comments.
It's funny how numbers run sometimes. You can pad your wallet in Vegas, or lose it.
Last week, MBC had a post about 3 separate Sand Section closings, all of which came in near each other in the $800s. (See "Sand Dirt in the 8's.")
Now, 3 sales (new escrows) in the Hill Section all have addresses starting with an 8.
To wit:
815 2nd (5br/5ba, 4725 sq. ft.), the blue new construction currently subject to a bankruptcy court sale, got a first mention last week in "Bouncing Balls." (Listing may still be viewed while in "backup offer" status.) Last posted at $2.899m, but we don't think these buyers will pay that.
822 John is a boxy brick house (pictured) with plenty of space (5br/4ba, 3725 sq. ft.) on a semi-prime corner-lot. The home has some updates since its…
Last week, MBC had a post about 3 separate Sand Section closings, all of which came in near each other in the $800s. (See "Sand Dirt in the 8's.")
Now, 3 sales (new escrows) in the Hill Section all have addresses starting with an 8.
To wit:
815 2nd (5br/5ba, 4725 sq. ft.), the blue new construction currently subject to a bankruptcy court sale, got a first mention last week in "Bouncing Balls." (Listing may still be viewed while in "backup offer" status.) Last posted at $2.899m, but we don't think these buyers will pay that.
822 John is a boxy brick house (pictured) with plenty of space (5br/4ba, 3725 sq. ft.) on a semi-prime corner-lot. The home has some updates since its…It's Fall in the Trees
Thursday, October 29th, 2009 at 10:30pm. 174 Views, 0 Comments.
Four more Tree Section sales have closed, and this time, half are not selling short or at a loss.
Rosiest of all: 607 23rd, getting $1.015m for a cute little (3br/1ba, 1000 sq. ft.) 1950s cottage on a nearly full-size lot (4400 sq. ft.).
The land is the main asset here, but we keep seeing the little places go to buyers who just want in. The listing began at $1.225m in June, about 17% higher than it eventually closed.
Also doing fine: 758 29th boasts a bigger lot (4800 sq. ft.) in what most would call a better location. (23rd is quite near Blanche; 29th is on a quiet block ending at Laurel among mostly bigger, newer homes.)
Despite its pluses, 29th sold for $875k, in part because that 2br/1ba, 600 sq. ft. home just isn't livable for almost any family. We'll…
Rosiest of all: 607 23rd, getting $1.015m for a cute little (3br/1ba, 1000 sq. ft.) 1950s cottage on a nearly full-size lot (4400 sq. ft.). The land is the main asset here, but we keep seeing the little places go to buyers who just want in. The listing began at $1.225m in June, about 17% higher than it eventually closed.
Also doing fine: 758 29th boasts a bigger lot (4800 sq. ft.) in what most would call a better location. (23rd is quite near Blanche; 29th is on a quiet block ending at Laurel among mostly bigger, newer homes.)
Despite its pluses, 29th sold for $875k, in part because that 2br/1ba, 600 sq. ft. home just isn't livable for almost any family. We'll…
The Fine Print to NAR's Ad
Thursday, October 29th, 2009 at 4:05am. 185 Views, 0 Comments.
Through much of 2009, the National Association of Realtors has been promoting a "public awareness" ad campaign – print and video – that expresses some optimism for the future of home prices.
That doesn't sound like news?
What if you knew that the central statistic in the NAR ads was old, like from a previous era?
The video version of the ad will play above. The print version of the "Buyer Strength" ad (downloadable here) is headlined:
8 OUT OF 10 ECONOMISTS BELIEVE HOME PRICES WILL RISE IN THE NEXT 5 YEARS.
THE OTHER TWO ARE LIFE-LONG PESSIMISTS.
That's right: Don't listen to those pessimists!
Let's take a look at the substance of the ad:
If you’re ready to buy a home, many signs point to favorable buying conditions: mortgages are available, affordability…
That doesn't sound like news?
What if you knew that the central statistic in the NAR ads was old, like from a previous era?
The video version of the ad will play above. The print version of the "Buyer Strength" ad (downloadable here) is headlined:
8 OUT OF 10 ECONOMISTS BELIEVE HOME PRICES WILL RISE IN THE NEXT 5 YEARS.
THE OTHER TWO ARE LIFE-LONG PESSIMISTS.
That's right: Don't listen to those pessimists!
Let's take a look at the substance of the ad:
If you’re ready to buy a home, many signs point to favorable buying conditions: mortgages are available, affordability…
Whose Gain?
Wednesday, October 28th, 2009 at 3:36am. 207 Views, 0 Comments.
Late in the year here, you're going to see a larger share of new listings with distress factors. Often that translates to better prices with greater seller motivation.
A new candidate as a deal for the Fall is 421 Marine, a duplex that's new among the SFR listings.
One question here is, who's the sort of buyer who jumps at it?
The listing probably has this right: the home(s) could be a good opportunity for an owner/user. You get one 3br/3ba, 1300 sq. ft. house for yourself, and another for a renter in back. At $1.350m, the cost of entry isn't too high for MB, and you get perhaps $3,750/mo. (the current rent) from the tenant to help pay the mortgage.
There is also this shocker: the same property was purchased just over 3 years ago for $1.850m. That puts the…
A new candidate as a deal for the Fall is 421 Marine, a duplex that's new among the SFR listings.
One question here is, who's the sort of buyer who jumps at it?
The listing probably has this right: the home(s) could be a good opportunity for an owner/user. You get one 3br/3ba, 1300 sq. ft. house for yourself, and another for a renter in back. At $1.350m, the cost of entry isn't too high for MB, and you get perhaps $3,750/mo. (the current rent) from the tenant to help pay the mortgage.
There is also this shocker: the same property was purchased just over 3 years ago for $1.850m. That puts the…
Open Forum (10/26- )
Monday, October 26th, 2009 at 10:25pm. 186 Views, 0 Comments.
A year and a trillion or two, or three, dollars after the 2008 financial crisis, we're all feeling a little better off, no?
So why was the federal government's TARP watcher saying this last week:
I do think because of the moral hazard, because of some systemic risks that are associated with making these institutions bigger and bigger ... systemically we may be in a more dangerous place even then we were a year ago.
More dangerous?
Didn't we just rescue the financial system and nationalize or quasi-nationalize whole industries? (And by "we," we mean to include the outgoing administration of free-range capitalists that came before the guy they call a socialist now.)
Didn't we get people buying cars and homes and equities again?
Didn't the Dow just hit a new…
So why was the federal government's TARP watcher saying this last week:
I do think because of the moral hazard, because of some systemic risks that are associated with making these institutions bigger and bigger ... systemically we may be in a more dangerous place even then we were a year ago.
More dangerous?
Didn't we just rescue the financial system and nationalize or quasi-nationalize whole industries? (And by "we," we mean to include the outgoing administration of free-range capitalists that came before the guy they call a socialist now.)
Didn't we get people buying cars and homes and equities again?
Didn't the Dow just hit a new…
Weekend in the Sand (10/24-10/25)
Saturday, October 24th, 2009 at 4:13am. 192 Views, 0 Comments.
We've got some great open-house options this weekend, including a big Strand home.
But first, you know we have to talk about pumpkins one last time.
The World Famous Pumpkin Races are Sunday downtown by the pier. There's unlimited racing almost all day for a mere $15 entry fee, plus championship qualifying races on the main track.
The finals – part race, part farce, part kabuki theater – run from 5-6:30pm. Costume parade and trick-or-treat from 4-5pm.
MBC readers, we still want and need your help to reach that $1,000 fundraising goal to help the MB Ed Foundation and get MBC listed as a sponsor. Whether you're racing or not, please sponsor the MBC team with $100 or more, or whatever works. If you are racing and still need to register, please do it online…
Sand Dirt in the 8's
Friday, October 23rd, 2009 at 12:25am. 199 Views, 0 Comments.
Within days of each other, 3 Sand Section homes with primary value in the land have all sold for prices between $800k-$900k. They provide an interesting window on dirt values, albeit in different parts of town.
First up is 616 Ocean, an 800 sq. ft. lot with a small (1br/2ba, 625 sq. ft.), but cheerily spruced-up old bungalow on it.
What it lacks in size or prestige, the 1/3rd-size lot can, at least, boast in location. That's the sand and Strand to the left (west) in our pic, snipped from the Redfin page on the property.
Sale price a couple weeks ago: $885k, or about $1,105/PSF if we consider only the beach-close dirt.
Also worth a note: This property may have looked like a nice investment in July 2006, when someone grabbed it for $1.020m.
In fact, the new…
First up is 616 Ocean, an 800 sq. ft. lot with a small (1br/2ba, 625 sq. ft.), but cheerily spruced-up old bungalow on it.
What it lacks in size or prestige, the 1/3rd-size lot can, at least, boast in location. That's the sand and Strand to the left (west) in our pic, snipped from the Redfin page on the property.
Sale price a couple weeks ago: $885k, or about $1,105/PSF if we consider only the beach-close dirt.
Also worth a note: This property may have looked like a nice investment in July 2006, when someone grabbed it for $1.020m.
In fact, the new…
MBC Pumpkin Pitch (#2)
Thursday, October 22nd, 2009 at 12:30am. 194 Views, 0 Comments.
First the city pulled out of the Pumpkin Races, then the downtown merchants dropped trick-or-treating for the year.
What's next, luminaria on the pier instead of fireworks at Christmas?
Without the Pumpkin Race folks, we'd really have no downtown trick-or-treating this year. But they brought it back, meaning they've preserved not one, but 2, downtown events this weekend.
Now is the time to show your support for their efforts. Sponsor MBC's pumpkin race "team" and help the MB Education Foundation at the same time.
Yes, it turns out, this Sunday, you can still traipse down near the pier for a little Halloween cheer – whether you are into candy, cute costumes or perhaps those little grownup nibbles and shots of wine some of the merchants are wont to provide.
…
What's next, luminaria on the pier instead of fireworks at Christmas?
Without the Pumpkin Race folks, we'd really have no downtown trick-or-treating this year. But they brought it back, meaning they've preserved not one, but 2, downtown events this weekend.
Now is the time to show your support for their efforts. Sponsor MBC's pumpkin race "team" and help the MB Education Foundation at the same time.
Yes, it turns out, this Sunday, you can still traipse down near the pier for a little Halloween cheer – whether you are into candy, cute costumes or perhaps those little grownup nibbles and shots of wine some of the merchants are wont to provide.
…
October Successes
Wednesday, October 21st, 2009 at 3:10am. 184 Views, 0 Comments.
Fall is a strange time to enter the market, unless you can make it work for you.
Two listings freshly back before the public have done just that.
2901 Oak (5br/5ba, 3250 sq. ft.) was mentioned here only 2 weeks ago (see "Renting Can Cost You, Part II").
The home was new in 2008 and offered then at $1.995m. A quick sale posted last Summer, but no deal closed. (We later heard it was more of a lease-option deal that the tenant/buyer recently chose not to exercise.)
Offered in October 2009 at $1.699m, it now has a deal again.
How many new homes in the Tree Section have lingered for months or years?
Two weeks to make a deal is impressive. For a home on Oak, it's startling. Price will do that for you.
Another October success story: 132 2nd.
This one's been on and off…
Two listings freshly back before the public have done just that.
2901 Oak (5br/5ba, 3250 sq. ft.) was mentioned here only 2 weeks ago (see "Renting Can Cost You, Part II").The home was new in 2008 and offered then at $1.995m. A quick sale posted last Summer, but no deal closed. (We later heard it was more of a lease-option deal that the tenant/buyer recently chose not to exercise.)
Offered in October 2009 at $1.699m, it now has a deal again.
How many new homes in the Tree Section have lingered for months or years?
Two weeks to make a deal is impressive. For a home on Oak, it's startling. Price will do that for you.
Another October success story: 132 2nd. This one's been on and off…
