April 2010 
There are 28 blog entries for April 2010.
How This Year's 1st Quarter Compares
Friday, April 30th, 2010 at 4:00am. 156 Views, 0 Comments.
We all know 2009 was a dreadful year for local real estate.Statistics suggest that things began to turn around in the 4th quarter, though. And this year, the 1st quarter had a busy feel, with several listings selling quickly, even some multiple-offer situations popping up.
Still, the recovery in the 1st quarter of 2010 was only strong relative to last year, if we judge by closed sales reported on the MLS.
(A local agent compiled these data from an MLS search of closed sales of SFRs west of Sepulveda from 2000-2010. We're thankful!)
With 36 closed sales in Q1 2010, we were up 30% over 2009, but that was one ugly valley to compare against.
The 25 closed sales last year in Q1 – about 8 per month, or 2 per week, from Jan.-March 2009 – reflect a near-stoppage in…
Uh-Oh, Duncan
Thursday, April 29th, 2010 at 4:05am. 127 Views, 0 Comments.
Most active listings in MB are not short sales or REOs, but when an extreme case like 939 Duncan hits the radar, some of the other local stories are going to get pushed aside.
Regular readers may recall 939 Duncan (4br/4ba, 3950 sq. ft. with views) from the late 1950s early days of MBC. It first hit the market in October 2007 after a major rebuild/remodel, as we discussed in "A 2-Yr. Flip on Duncan." Let's hit the history points quickly:
But trouble was brewing.
The first NOD was filed in Feb. 2009, not so long after the first…
Regular readers may recall 939 Duncan (4br/4ba, 3950 sq. ft. with views) from the late 1950s early days of MBC. It first hit the market in October 2007 after a major rebuild/remodel, as we discussed in "A 2-Yr. Flip on Duncan." Let's hit the history points quickly:- December 2005: Purchased for $2.53m
- 2006-07: The big re-do
- Oct. 2007: Starts at $3.895m
- Feb. 2008: Cut to $3.695m
- Sept. 2008: Canceled
But trouble was brewing.
The first NOD was filed in Feb. 2009, not so long after the first…
Two Hill Returnees
Wednesday, April 28th, 2010 at 4:09am. 133 Views, 0 Comments.
After layoffs of varying lengths, 2 listings have returned to the Hill Section. One's way down from the price we last spied it at, and one has bumped up.
Down since our last count is 801 11th (3br/3ba, 3050 sq. ft.), a newer (2004) custom home in a compromised location. (The home runs along somewhat busy Pacific and backs up to a commercial property. It's perhaps 50 yards from MBB.)
801 11th was offered from May-August 2006 at $2.495m, and again from June-August 2007 for $1.995m. (See "Figuring Out a Location Discount" from June 2007.)
The home last hit the MBC radar in August 2009 in "More on 'Foreclosures' in MB, Pt. II," when we noted that it had faced a possible trustee's sale earlier that month.
11th is back now as a short sale at $1.6m, a veritable…
Down since our last count is 801 11th (3br/3ba, 3050 sq. ft.), a newer (2004) custom home in a compromised location. (The home runs along somewhat busy Pacific and backs up to a commercial property. It's perhaps 50 yards from MBB.)801 11th was offered from May-August 2006 at $2.495m, and again from June-August 2007 for $1.995m. (See "Figuring Out a Location Discount" from June 2007.)
The home last hit the MBC radar in August 2009 in "More on 'Foreclosures' in MB, Pt. II," when we noted that it had faced a possible trustee's sale earlier that month.
11th is back now as a short sale at $1.6m, a veritable…
9th Street Closings
Tuesday, April 27th, 2010 at 4:06am. 132 Views, 0 Comments.
Two birds on one little street flew up within a couple weeks of each other, and now they have landed at nearly the same time.
We speak here of 2 listings on the flat walkstreet at 9th in the South End.
In late January and early February, each one dared the market to come to it. They priced high and expected, nonetheless, to be beating back the hordes.
Crazily, for both 405 9th (a lot sale) and 432 9th (a remodel), the strategy worked.
405 9th came on in late January, asking $2.3m for the dirt. That was impossible.
9th is a terrific street. But new neighbors at 408 9th just bought a delightful, beachy remodel (4br/3ba, 2400 sq. ft.) last May for $2.175m.
The dirt across the walkstreet was not worth more. (Sure, 405 is on the coveted north side [facing south],…
We speak here of 2 listings on the flat walkstreet at 9th in the South End.
In late January and early February, each one dared the market to come to it. They priced high and expected, nonetheless, to be beating back the hordes.
Crazily, for both 405 9th (a lot sale) and 432 9th (a remodel), the strategy worked.
405 9th came on in late January, asking $2.3m for the dirt. That was impossible. 9th is a terrific street. But new neighbors at 408 9th just bought a delightful, beachy remodel (4br/3ba, 2400 sq. ft.) last May for $2.175m.
The dirt across the walkstreet was not worth more. (Sure, 405 is on the coveted north side [facing south],…
East MB Bucket (11)
Tuesday, April 27th, 2010 at 3:11am. 180 Views, 0 Comments.
A couple of readers reported on an open house this past weekend at 1315 21st, east of Sepulveda, with raves, and it has inspired us to give the "East MB Bucket" another try.
Regular readers know that, despite frequent pleas and even occasional promises, we've never expanded MBC east of Hwy. 1. As a substitute for formal coverage, we've occasionally asked readers to pose questions, start discussions and report back in the "East MB Bucket" forums.
Let's give this another try.
As to the recent point of inspiration... it's easy to see why 1315 21st drew special notice. It may not break the mold of other new construction; it simply pays no heed to the idea that there is a mold. It's different.
A 3br/3ba, 2600 sq. ft., single-story contemporary isn't the maximal…
Regular readers know that, despite frequent pleas and even occasional promises, we've never expanded MBC east of Hwy. 1. As a substitute for formal coverage, we've occasionally asked readers to pose questions, start discussions and report back in the "East MB Bucket" forums.
Let's give this another try.
As to the recent point of inspiration... it's easy to see why 1315 21st drew special notice. It may not break the mold of other new construction; it simply pays no heed to the idea that there is a mold. It's different.A 3br/3ba, 2600 sq. ft., single-story contemporary isn't the maximal…
Weekend Opens (4/24-4/25)
Saturday, April 24th, 2010 at 4:14am. 117 Views, 0 Comments.
We came close to making just one recommendation west of Sepulveda this weekend, 644 17th, but decided that one other debut this weekend in the Hills needed a boost as well.
Well, there's one other outside MB (dare we say?), the inspired modern lifeguard tower in Hermosa Beach at 3002 Hermosa Ave., now at $4.299m, which is worth a look for its own sake (open Sun 1-4pm).
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.
Tree Section
You've got to…
Well, there's one other outside MB (dare we say?), the inspired modern lifeguard tower in Hermosa Beach at 3002 Hermosa Ave., now at $4.299m, which is worth a look for its own sake (open Sun 1-4pm).
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.
Tree Section
You've got to…
They Want the One They Can't Have
Friday, April 23rd, 2010 at 6:15pm. 135 Views, 0 Comments.
Demand is a funny thing.
A home can be offered for months without closing a deal, then all of a sudden a line forms to buy the place.
The buzz now is that's what is happening with 440 6th (6br/6ba, 4200 sq. ft.), a new Cape Cod on a corner lot at Ingleside – after it quit the market this week.
We've gotten inquiries about the listing since it quit and evidently the phones are ringing, too.
How did a cold listing get hot?
Children of the 80s might think of Morissey belting out:
"I want the one I can't have;
And it's driving me mad;
It's all over, all over, all over my face." Well, he was probably singing about something else (especially that stuff about "the riches of the poor"), but there's still something to the sudden attraction of a property that quits.
A…
A home can be offered for months without closing a deal, then all of a sudden a line forms to buy the place.
The buzz now is that's what is happening with 440 6th (6br/6ba, 4200 sq. ft.), a new Cape Cod on a corner lot at Ingleside – after it quit the market this week.We've gotten inquiries about the listing since it quit and evidently the phones are ringing, too.
How did a cold listing get hot?
Children of the 80s might think of Morissey belting out:
"I want the one I can't have;
And it's driving me mad;
It's all over, all over, all over my face." Well, he was probably singing about something else (especially that stuff about "the riches of the poor"), but there's still something to the sudden attraction of a property that quits.
A…
MB Market Update for 4/15/10, Hills
Thursday, April 22nd, 2010 at 7:02pm. 131 Views, 0 Comments.
The Hill Section wasn't the busiest part of town in early April, but one of the listings was among the most interesting west of Sepulveda.
Among the 15 active listings at mid-month was 946 10th, a big (5br/5ba, 4850 sq. ft.) mid-90s Spanish.
It was offered as an REO at $1.958m, well below the last transaction price (Oct. 2003 at $2.160m) and also for much less than the old loans on the property. A refi in 2007 pushed the total of loans against the home to $2.625m, and another note for $445k was slapped against the property in 2008. If none of that paid down the $2.625m, total debt may have exceeded $3m.
Potential buyers had to beware an unusual warning:
Property Sold as is. Owner will not deliver the property vacant. Currently Tenant Occupied lease till…
Among the 15 active listings at mid-month was 946 10th, a big (5br/5ba, 4850 sq. ft.) mid-90s Spanish.It was offered as an REO at $1.958m, well below the last transaction price (Oct. 2003 at $2.160m) and also for much less than the old loans on the property. A refi in 2007 pushed the total of loans against the home to $2.625m, and another note for $445k was slapped against the property in 2008. If none of that paid down the $2.625m, total debt may have exceeded $3m.
Potential buyers had to beware an unusual warning:
Property Sold as is. Owner will not deliver the property vacant. Currently Tenant Occupied lease till…
MB Market Update for 4/15/10, Overview
Thursday, April 22nd, 2010 at 3:58am. 132 Views, 0 Comments.
The new MB Market Update spreadsheets are up online for your viewing and use by clicking here, or at any time by using the pull-down menu on the front page under "MB Market Updates."
The pace of sales tamped down a bit in the first half of this month, with 7 new escrows hitting MBC's radar. For comparison, in the whole month of March, we saw 24 sales (new escrows) – a figure that's 2 more than we previously reported.
Inventory was coming on at about the same pace as March, however, with 14 new listings in the first part of April – March saw 27 for the whole month.
More new listings, fewer sales... that's just a 2-week window, though, so let's wait till April wraps to talk about trends.
Total inventory moved up by 4 listings over the end of March to 85 SFRs…
The pace of sales tamped down a bit in the first half of this month, with 7 new escrows hitting MBC's radar. For comparison, in the whole month of March, we saw 24 sales (new escrows) – a figure that's 2 more than we previously reported.
Inventory was coming on at about the same pace as March, however, with 14 new listings in the first part of April – March saw 27 for the whole month.
More new listings, fewer sales... that's just a 2-week window, though, so let's wait till April wraps to talk about trends.
Total inventory moved up by 4 listings over the end of March to 85 SFRs…
First Newbie Under $1.6m
Tuesday, April 20th, 2010 at 9:00pm. 151 Views, 0 Comments.
More than 2 years ago, 1144 Elm debuted as the Tree Section's first new-construction home in years priced below $2m.That was November 2007, and MBC noticed. (See "First Newbie Under $2m.")
The listing ran about 5 months then, but the home rented out instead of sticking it out. The last list price was $1.879m.
Now Elm is back at $1.599m, a little worn, perhaps, from being lived in, and certainly having seen its market value take a hit since early 2008. (True, this is not strictly a "newbie" anymore, but we liked playing off the old title.)
The home itself (5b/5ba, 3300 sq. ft.) is fairly standard, though as we said back in 2007:
[It] has character inside, with good living spaces downstairs, nice detail work in the kitchen and baths, even kids' bedrooms…
